â€¢Â Â Â Inks MOUs worth Rs. 3000 Crore for building Road Networks & Rs. 1,000 Crore in Urban Infrastructure Projects
â€¢Â Â Â Company to explore investment opportunities in Tourism & Intelligent Power City sector
â€¢Â Â Â MOUs signed as part of Bengal Global Business Summit
Essel Infraprojects Limited (EIL) an enterprise of Dr. Subash Chandra led Essel Group, committed an investment of Rs. 4,000 crore for all round development of important eastern state of India. The announcement was made during Bengal Global Business Summit today.
Essel Infraprojects Ltd. (EIL) will be developing Roads projects admeasuring 300 kms connecting various cities across West Bengal. Apart from this MoU, Company also agreed to explore possibilities of investment in Tourism and Intelligent Power City sectors after pre-feasibility study.
Hon. Chief Minister of West Bengal Ms Mamata Banerjee and Chairman of Essel Group Dr. Subhash Chandra graced the MoU signing ceremony.
Speaking about company's vision for West Bengal, Group Chairman Dr. Subhash Chandra said, "Bengal has paved the way in attracting investment in Urban Infrastructure sector and we are pleased to join hands with the dynamic and business friendly leadership of West Bengal. These MoUs provide a unique opportunity to enhance existing infrastructure and provide new paradigm to development of Infrastructure in the State and we at Essel understand this as we have effectively demonstrated our implementation abilities in Urban Infrastructure space in various other parts of India."
EIL's signing of Rs. 4, 000 crore worth MoU is part of Essel's vision to invest Rs. 10, 000 crore in the West Bengal announced during 2015 edition of Bengal Global Business Summit.
Essel with its futuristic objective to build smarter communities and world class infrastructure is targeting projects like toll roads with an investment of Rs. 3,000 Crore, sanitation and water treatment worth investment of Rs. 2,000 Crore, over 500 TPD (tones per day) municipal solid waste project to convert waste to energy with an investment of Rs. 2,000 Crore and metro/monorails/LRT project worth investment of Rs. 3,000 Crore, totaling Rs.10,000 crores of investment in infrastructural projects.
As per the MoUs signed today, the West Bengal Government will facilitate in obtaining necessary permissions, registrations, approvals, clearances etc. both at State and Central level, assist in availing incentives under various schemes announced by State and Central Government and facilitate the execution of the aforesaid projects in a time bound manner.
Speaking on this development Mr. Ashok Agarwal, Director & CEO, Essel Infra & Utilities business said, "The MoUs underlines Essel's commitment towards overall development of the state of West Bengal and apart from urban infrastructure projects we would also explore possibilities to invest in Tourism & Intelligent Power City sector."
EIL has completed around 2100 kms of roads and are currently constructing another 2500 kms of roads, i.e. total 4600 kms of roads in various states of India such as Madhya Pradesh, Gujarat, Punjab, Haryana, Uttar Pradesh, Maharashtra and Tamil Nadu.
EIL presently manages power distribution franchise in Sagar & Ujjain (MP), Muzaffarpur (Bihar) and Nagpur (Maharashtra). The company also manages the Water distribution franchise in Aurangabad (Maharashtra), Bhagalpur (Bihar) and Tonk (Rajasthan).
The company recently successfully commissioned its state-of-the-art waste to energy plant based on municipal solid waste at Pallavaram in Tamil Nadu and also been awarded similar projects in Jabalpur (MP), Surat (Gujarat), Bhubaneswar (Orissa) & Bangalore (Karnataka). It further intends to foray into various other verticals such as city gas distribution & cable & broadband in major cities of India.