RIL to invest Rs 4000 cr in WB

Reliance Industries announced on Wednesday an investment of up to Rs 4,000 crore (Rs 40 billion) in West Bengal for setting up an agro-retail chain across the state besides bringing natural gas from the east coast for industrial and other use.

The announcement was made by RIL Chairman Mukesh Ambani along with West Bengal Chief Minister Buddhadeb Bhattacharjee after a marathon meeting at the Secretariat in Kolkata.

Ambani, who flew in to Kolkata earlier in the day to work out his invesment plan in the state, said that Rs 1,500 to 2,000 crore (Rs 15 to 20 billion) would be pumped into the agro-retail chain, while as much amount would be spent on bringing natural gas to the state from the Andhra and Orissa basin.

Reliance Industries had approached the West Bengal government with a substantial investment proposal as part of its nation-wide mega agricultural retail plan, which is tipped to be an answer to Wal-Mart.

The chief minister had earlier stated that Ambani would meet him to discuss plans for setting up an agriculture retail chain across the state and a special economic zone.

A team of top RIL officials along with local industrialist Harshvardhan Neotia made a presentation to state government officials headed by Chief Secretary Amit Kiran Deb.

Mukesh Ambani's mega-retail vision, which is yet to be officially announced, envisages creating farm-to-shelf chains by setting up exclusive farms and opening a chain of hypermarkets and super-markets across the country. 

The elder of the Ambani brothers is likely to announce Reliance's intention to become the anchor investor in a mega-chemical hub at Haldia and a possible buyout of the state government's stake in Haldia Petrochemicals, in which Indian Oil Corporation has also shown interest.

The Left Front government in West Bengal, which celebrated its 30 years of uninterrupted rule on Wednesday been going all out to woo investors to the state.

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