"EIL will be developing roads projects admeasuring 300 km connecting various cities across West Bengal. Apart from this MoU, the company also agreed to explore the possibilities of investment in Tourism and Intelligent Power City sectors after pre-feasibility study," EIL said in a statement. The commitment was made in the ongoing Bengal Global Business Summit on Friday.
Speaking about the company's vision for West Bengal, Group Chairman Subhash Chandra said, "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 pact is a part of Essel's vision to invest Rs 10,000 crore in West Bengal which was announced during 2015 edition of Bengal Global Business Summit. The company is targeting projects like toll roads with an investment of Rs 3,000 crore, sanitation and water treatment orders worth 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 contract worth Rs 3,000 crore.
As per the pacts signed on Friday, the company said the West Bengal government will facilitate obtaining of necessary permissions, registrations, approvals, clearances, both at state and central level. "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," said Ashok Agarwal, Director & CEO, Essel Infra & Utilities business.
EIL has completed around 2,100 km of roads and is constructing 2,500 kms of roads in Madhya Pradesh, Gujarat, Punjab, Haryana, Uttar Pradesh, Maharashtra and Tamil Nadu.
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