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October 30, 2013

Reliance to invest Rs 1000 cr in Falta Agro Hub

Reliance to invest Rs 1000 cr in Falta Agro Hub

After a big-bang comeback in Bengal with a Rs 3000-crore 4G rollout plan, Mukesh Ambani`s Reliance Industries is all set to revive the Falta food processing venture that it was forced to abandon in 2009 following political turmoil.

According to reports, RIL will invest over Rs 1,000 crore in the Falta project.

“Reliance had paid for the land long back. There was some construction as well,“ a source close to the development said.

Industries minister Partha Chatterjee said the government has asked RIL to set up projects in Falta and Malda, where the group has around 65 acres.

“Reliance has proposed a joint inspection at Falta. We have informed the district authorities about this. They will submit a detailed project report within 30 days of this,“ said P K Mondal, the CEO of WBIIDC.

In 2008, Reliance Retail inked pact with WBIIDC to set up agro hub at Falta. In 2009, WBIIDC allotted Reliance Retail 100 acres at Falta Industrial Growth Centre. Left ally Forward Bloc, which was against private investment in agro infrastructure and retail, forced it to shelve project.

Surely, this step is an indication of the times to come for the investment landscape of Bengal, and will be a feather on the cap of the Mamata Banerjee led Trinamool government for being able to turn the state into an investment destination.