|
You can get e-magazine links on WhatsApp. Click here
|
|
|
Keventer, ITC, Future Group to invest in Bengal food processing sector
|
Monday, 15 September, 2014, 08 : 00 AM [IST]
|
Abhitash Singh, Mumbai
|
fiogf49gjkf0d West Bengal would witness huge investments in the food processing sector in the coming years, if things work out between the government of the eastern state and corporate houses such as the Kolkata-based Keventer Agro Ltd, ITC and Future Group.
Recently, during state chief minister Mamata Banerjee’s maiden visit to Singapore, she met one of the South-East Asian city-state’s largest private equity (PE) firms, which has interests in agriculture and social infrastructure.
The firm stated that it would invest over Rs 300 crore in the proposed Dankuni food park, promoted by Keventer Agro Ltd. West Bengal would also be witnessing investments worth Rs 3,500 crore to boost the food processing sector by providing infrastructure and setting up a mega food park.
M K Jalan, chairman, Keventer Agro Ltd, said, “We signed a Memorandum of Understanding (MoU) with the Singaporean PE giant on August 27, 2014 to invest in the state’s food processing sector. The MoU was signed in the presence of Banerjee and other top state government officials.”
He added, “We are planning to rope in Singapore-based planning firm Surbana, which is one of the biggest urban development planning bodies in Asia for the planning and implementation of the proposed food parks.”
“We had a long meeting with the top executives of Surbana to execute it, and we are hopeful that the plan would be implemented smoothly,” Jalan said, adding that Keventer Group had planned to invest Rs 1,000 crore to set up the food parks.
“One of the world’s largest personal equity giant would be holding a 30-49 per cent stake in the project through this investment. We are very happy with the development so far, because this would be the biggest foreign direct investment (FDI) in the food processing sector in India,” Jalan said.
“The first phase of the park is being developed on an 305-acre area. Its second would cover an area of 225 acre. The planning, implementation and execution of the project is at an initial stage now. It would take some time. That is why the details cannot be discussed,” he informed.
Krishnendu Narayan Chaudhary, food processing industries and agriculture minister, West Bengal, stated that the food processing sector was getting huge investment. He said, “The chief minister recently visited Singapore for the first time.”
“We are sure that many food processing industries would come ahead to set up mega food parks here in association with the Indian companies. One of Singapore’s largest PE firms is planning to invest Rs 300 crore in a mega food park. Its Indian partner is Keventer Agro Ltd,” he added.
Chaudhary said, “The opposition has been citing Banerjee’s high-handedness as the reason foreign investors weren’t keen to set up mega food parks in West Bengal. They said that if Tata couldn’t set up a plant in the state due to differences with her, how would foreigners invest in food parks here?”
“But we are confident that the chief minister’s tour would not only result in the pumping of foreign investment into West Bengal, but even Indian companies would come forward to set up food parks in the state,” he added.
“For the last three years, West Bengal hasn’t seen any investment in food parks from any part of the world. Banerjee’s maiden tour of Singapore was aimed at attracting investments, but we can only term it successful if the investments take place as soon as possible,” the minister said.
Commenting on the investments in West Bengal, state finance minister Amit Mitra said, “Many more big investors from India are also planning to invest in the state food processing sector. And this positive change came after seeing the interest of foreign investors in India.”
“Giants, including ITC, Future Group and Reliance, are also planning to invest around Rs 3,000 crore in West Bengal’s food processing sector.” However, officials of Future Group and ITC were unavailable for comment.
|
|
|
|
|
|
|