Reliance Industries (RIL) chairman and managing director Mukesh Ambani on Tuesday announced an additional investment of ₹20,000 crore in West Bengal in the next three years. Ambani was addressing the inaugural function of Bengal Global Business Summit 2023 in Kolkata. West Bengal Chief Minister Mamata Banerjee was also present at the event.
“Today, from this podium, let me assure you that Reliance will leave no stone unturned to accelerate Bengal’s growth. Bengal has been one of the largest investment destinations for Reliance.
After you invited me, Reliance has invested close to ₹45,000 crores in West Bengal. Today, I am happy to announce that we plan to invest an additional ₹20,000 crores in the next three years,” Ambani said at the event.
Jio has covered most parts of Bengal, said Ambani, while also adding that “We are taking the revolutionary power of 5G to every nook and corner of the state, particularly to enrich and transform rural Bengal.
With our rapid rollout of Jio Fibre and Air Fibre, every home in Bengal will be converted into smart homes very soon. With this, Bengal will be able to use Artificial Intelligence, Cloud Computing and other disruptive technologies to modernise every sector of its economy.”
The Reliance Foundation will also take up the task of renovating and restoring the iconic Kalighat Temple in Kolkata to regain its “original glory”, Ambani added.
Which all sectors do Reliance Industries wish to conquer in Bengal?
Ambani added that RIL’s fresh investment will be in the areas of digital life solutions, retail, and bio-energy. On Reliance Retail’s increasing footprint in the state, RIL chairman and MD said, “Our retail business is supporting hundreds of MSMEs.
We are bringing national fame to many regional brands of Bengal. For example, we have partnered with Prabhuji, Mukharochak, City Gold, Bisk Farm and others and provided them an unprecedented distribution reach all over India.
More about the Biz Summit in Bengal; where Reliance Industries announced their behemoth plans for the state
The two-day summit is hosted by the West Bengal government and aims at attracting foreign investors to boost the Indian state’s industries. The summit targets international businesses in a variety of sectors, including tourism, healthcare, manufacturing, logistics, IT and infrastructure.
Delegates and business leaders of countries such as the US, Japan, South Korea, France and the UK are expected to attend. The UK is notably expected to send its largest ever delegation to this year’s summit.
West Bengal, one of India’s most populous states, has emerged as an economic powerhouse and major driver of national economic growth. However, West Bengal has also been plagued by recurring political violence, which has been cause for concern to international investors.
The state government will hope to convince companies of solid investment opportunities in West Bengal across sectors. The state’s impressive economic growth is likely to continue in the coming years due to Kolkata’s status as financial and business hub.
In addition, many international companies are shifting investment away from China, with India being one of the main beneficiaries. Nonetheless, political violence is a recurring problem that is likely to persist and could further dampen the state’s economic growth potential.
Mukesh Ambani’s presence in the summit increased the stakes and his announcement increased Bengal’s stature as an investable state.
The summit was also attended by Sourav Ganguly former Indian Cricket Team Captain who was later on declared as the brand ambassador for the Bengal Business Summit.
