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Reliance vows to invest $2.4 bn in West Bengal

RPSG Group, Narayana Health, ITC and Wipro unveil investment plans at Bengal Global Business Summit 2023

Reliance vows to invest $2.4 bn in West Bengal
[Source photo: Chetan Jha/Press Insider]

Reliance Industries Ltd plans to invest ₹20,000 crore ($2.4 billion) in West Bengal, in addition to the ₹40,000 crore it has already invested in the state, chairman Mukesh Ambani said at the seventh edition of the Bengal Global Business Summit.

West Bengal has been one of the largest investment destinations for Reliance, Ambani said, adding that the conglomerate will focus on three key areas for investments—digital life solutions, retail and bioenergy.

Ambani said Jio, the conglomerate’s telecom wing, will complete the world’s fastest rollout of fifth-generation, or 5G, telecom services in India by the end of the year. Reliance has already covered most parts of the state, he said.

Reliance is also increasing its retail network in the state, Ambani said.

“Our network of nearly 1,000 retail stores will expand to over 1,200 in the next two years. Our retail business is supporting hundreds of MSMEs (small businesses),” he said.

Ambani also laid out plans to set up compressed biogas plants in the state.

“We are planning to set up compressed biogas plants in Bengal that will enable farmers to increase their income by doubling up as ‘anna datas’ and ‘urja datas’ (producers of food and energy),” he said.

RPSG Group chairman Sanjiv Goenka said the conglomerate would set up a world-class hospital in Kolkata, though he did not elaborate on the project cost.

Goenka said the company has invested ₹25,000 crore in the state in recent years, while crediting the administration’s swift and effective decision-making process.

Narayana Health chairman Devi Prasad Shetty said the hospital chain will set up a 1,000-bed super specialty hospital in Kolkata over the next two years, earmarking ₹1,000 crore for the project.

Cigarettes-to-hotels conglomerate ITC Ltd will expand its hospitality assets in the eastern state to nine from the existing five hotels, chairman and managing director Sanjiv Puri said.

Wipro chairman Rishad Premji said, “West Bengal provides the right policy environment for expansion of IT industries.”

West Bengal rolled out the red carpet for business leaders at the state government’s flagship Bengal Global Business Summit on Tuesday.

The two-day summit is hosting delegates from about 25 countries, including top business leaders.

On the first day of the summit on Tuesday, chief minister Mamata Banerjee declared former cricketer and ex-president of the Board of Control for Cricket in India Sourav Ganguly as the brand ambassador of the state.

“Sourav Ganguly is a very popular figure and he can work for the young generation in a very good manner. I want to involve him as the brand ambassador of Bengal,” Banerjee said.

Banerjee also unveiled a series of policies aimed at doubling exports, upgrading logistical infrastructure, and fostering renewable energy manufacturing.

Banerjee also rolled out initiatives promoting biofuels and a new sub-sea cable landing station in Digha to bolster internet connectivity across eastern India.

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