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Salim Group's Bengal SEZ cleared by FIPB

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 Group 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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posted by Bimal 7.2.07,


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