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August 20, 2014

Investments pour in for Bengal at Singapore Business Summit

Investments pour in for Bengal at Singapore Business Summit

Investments pour in for Bengal at Singapore Business Summit today with several companies including GIC group, InfraCo Asia and Compass group signing joint ventures and letters of intent.

GIC-HDFC, one of the world's largest fundsagreed to enter into a joint venture today. The deal is worth $ 32.5 million orRs 200 crore. This was not a MoU but an official commercial signature. GIC hasfunded a few companies in India, but this is the first time it entered WestBengal. They will deal with Kolkata Riverside development.

A letter of Intent worth Rs 1000 crore hasbeen given to Keventers Agro Intra Company, India and Singapore, at DankuniFood Park by InfraCo Asia. CompassGroup, Singapore has signed a joint venture with Axis Technologies from Bengal. Their core area is Port Designing with IT.

OBTInc. and William Sonoma, India have signed a letter of intent to showcase Bengal's art andcraft in their 600 outlets in different parts of the world.

TheSanderson Group of Australia, which has a holding company in Singapore, will gofor a joint venture with the Ravi Auto Group from Kolkata to set up a world classamusement park.

ChangiAirport which has 26% equity in the Andal project has raised it to 32.5%, which means more investment will pour in. Theywill be setting up an Institute of Technology at Andal.

CREDAI, the largest building association inIndia signed an agreement with Surbana, the largest land developing firm ofSingapore for a township project.

The investors' summit also saw the screening of a 7-minute long video promoting Bengal as an investment destination. It showcased the State's strengths in multiple sectors from IT to MSME, Health, Entertainment, Culture, FMCG and others.