New
Delhi: The Foreign Investment Promotion Board (FIPB)
has formally cleared Salim Group's investments in the
proposed SEZ at Nandigram in the East Midnapore district
of the State. Salim Grouo is one of the largest industrial
groups of Indonesia.
This
is despite the ongoing controversy over the acquisition
of land in West Bengal for new industrial projects and
setting up special economic zones (SEZs). The board has
also cleared Salim's proposed investments in other projects
that include townships, housing, industrial parks and
related infrastructure, official sources said.
The
matter will now be transferred to the Cabinet Committee
on Economic Affairs (CCEA) since the proposed foreign
direct investment inflows are in excess of Rs600 crore.
Salim Group committed a total investment of around Rs20,000
crore over a number of years in West Bengal last year.
The
company has entered into development agreement with the
State Government and the West Bengal Industrial Development
Corporation Ltd (WBIDC) to act as the developer for the
proposed New Kolkata Project.
Salim
group has already made investments in India in a project
for developing an integrated township near Kolkata in
a joint venture with a non-resident Indian, Prasoon Mukherjee,
promoter of the Universal Success Enterprise (USE group)
and the Ciputra Group of Indonesia, the company has informed
the FIPB.
The
new company, NKID, has also obtained the necessary no
objection certificate (NOC) from Kolkata West International
City Private Ltd (KWIC) and its Indian partner Dhanalakshmi
Abasan Private Ltd.
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