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West Bengal tops the table in investment plans: Assocham

West Bengal tops the table in investment plans: Assocham
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First Published: Fri, Feb 01 2008. 04 03 PM IST
Updated: Fri, Feb 01 2008. 04 03 PM IST
New Delhi: Powered by ample potential in steel and oil sectors, West Bengal has topped the league of Indian states, attracting massive investment plans worth Rs1,27,302 crore in third quarter of the current financial year, according to findings of Assocham’s Investment Metrer (AIM).
A state wise analysis has shown that the five states that attracted maximum planned investments included Orissa (Rs53,997 crore), Maharashtra ( Rs47,393 crore), Tamil Nadu (Rs25,195 crore) and Andhra Pradesh (Rs21,660 crore), with West Bengal emerging at the top position.
The state has been able to beat political blues and attract maximum investment announcements in Q3 2007-08. Out of the total planned investment of Rs1, 27,302 crore, most would flow into power (Rs20, 450 crore), steel (Rs17, 133 crore) and oil & petroleum (Rs4850 crore).
Key Findings
* Top potential investor in the state was SAIL which announced maximum amount of Rs20,000 crore in Kulti and Durgapur districts for increasing steel production capacity; this was followed by L& T Power Development which laid out a plan of Rs20,000 crore in Haldia for increasing power generation capacity by 2013
* Orissa, rich in natural mineral resources and naval connectivity, attracted second highest amount totaling Rs53,997 crore, Metal & mines (Rs20,000 crore), steel (Rs13, 100 crore), power (Rs11, 797 crore) and cement (Rs1, 500 crore)
* NALCO with plans of setting up two greenfield project amounting Rs20,000 crore came as the highest investing company in Orissa followed by Jindal Stainless Ltd. which announced Rs9,600 crore for setting up stainless steel plant by 2011; power sector saw Ashapura Minechem plannign a Rs4,232 crore Alumunium refinery, smelter and captive power plant in Koraput district, known for rich and diverse types of mineral deposits
* Maharashtra with investor-friendly environment, has emerged as the third largest investment destination for companies planning to invest Rs47,393 crore, mainly in the oil & petroleum (Rs29,083 crore), ports (Rs10,750 crore) and real estate (Rs 3,983 crore).
* Essar oil plans the largest capex of Rs24,000 crore in the state to triple the capacity of its Vadinar Refinery to 34 million tonne per annum by 2010
10 most favoured states for investment (Rs crore)
1.West Bengal steel, power, oil & petroleum 1,27,302
2.Orissa metal & mines, steel, power, cement 53,997
3.Maharashtra oil & petroleum, ports, real estate 47,393
4.Tamil Nadu power, steel, IT 25,195
5.Andhra Pradesh telecommunication, IT, energy 22,266
6.Karnataka cement, power, textiles 21,660
7.Jharkhand steel, metals & mines 18,783
8.Madhya Pradesh cement 13,087.6
9.Haryana automobiles 8,404.5
10.Gujarat machinery, textile, hospitality 6,481.6
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First Published: Fri, Feb 01 2008. 04 03 PM IST
More Topics: West Bengal | investment | Assocham | power | steel |