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West Bengal to receive Rs 750 crore investment from Adani Group, Rs 5,000 crore from Reliance

Adani Group has announced its plans to double the capacity of their oil refinery at Haldia, West Bengal

With investments worth Rs 750 crore. The announcement was made on the last day of Bengal Global Business Summit 2018. Pranav Adani, the Managing Director of Adani Wilmar Ltd, showed interest in investments dedicated to agriculture, power, and shipping sectors as well.

Currently, the refinery at Haldia produces 1,600 tonnes of edible oil every day. With the investment, the produce will be doubled to 3,000-3,200 tonnes per day in the next five years. The expansion strategy includes packaging manufacture to be increased from 1,200 tonne to 1,800 tonne.

The Adani Group is also eyeing development in agri-logistics and warehousing in West Bengal. The group is strategising a replication of their Gujarat-based Mundra port in West Bengal, a plan aligned with the state government’s plan to develop two deep sea ports.

 

Rajesh Adani

 

“We run the largest network of ports in the country.

Given the geographical location of West Bengal that connects to South East Asia and North-Eastern states, we look forward to bring our expertise in the state,” explains Rajesh Shantilal Adani, when asked why they chose Bengal as a location for their next port.

“We believe we can revolutionize the entire port scenario here, and it will create a massive driving force to boost employment. We seek your support for that. Given an opportunity, we would like to replicate Mundra port,” he added. Investments are set to double in the coming five years.

In addition, the Adani Group is eager to offer their resources and expertise in the renewable energy sector and power transmission infrastructure. Meanwhile, Adani Gas Ltd is seeking to build a 5 mtpa Liquefied Natural Gas terminal in East India. Rajesh Adani, the Managing director of Adani Gas Ltd, was unavailable for comment on the choice of location of the gas terminal.

Investments in West Bengal

Were catalysed by the Bengal Global Business Summit 2018. The summit managed to invite investment commitments worth more than Rs 20,000 crore from Indian and international investors. Reliance Industries committed Rs 5,000 crore to install a host of projects in the Eastern Indian state. Similarly, the JSW Group may invest Rs 10,000 spread over the next five years in structural steel and paint sectors.

 

 
Ravinder Attri
About Ravinder Attri (146 Articles)
A Business commentator and a close watcher of stock indices all over the world, Ravinder Attri brings his experiences, ideas and thoughts to the foray with critiques and articles on business deals and financial markets.

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