Latest news with #BGBS
Time of India
4 days ago
- Business
- Time of India
Can Tata and Mamata Banerjee ever be business friends?
Academy Empower your mind, elevate your skills A lot of activities connecting the past, present and (intended) future happened over the last fortnight. The much-awaited, almost-given up reunion of Oasis happened in Cardiff on July 4. The epochal final 'Back to the Beginning' concert of Black Sabbath and its legendary frontman Ozzy Osbourne in Birmingham took place the next day. But a decidedly quieter meeting of no less momentous proportion took place in Kolkata on July 9. Tata Sons chairman Natarajan Chandrasekaran and West Bengal chief minister Mamata Banerjee met at the latter's office on Wednesday. This was the first time that a Tata Group chairman met a West Bengal CM in 14 years - the last two being Ratan Tata and Buddhadeb Bhattacharjee, just before the woman who drove Tata Motor Dixie out of Bengal took over Bhattacharjee's portfolio, and much warring Oasis brothers Liam and Noel Gallagher had been fighting for 16 years. Ozzy had been put out to Sabbath for health reasons for 20. But somehow, Didi's darbar with Chandra, at least to people with a more ironic sense of history - especially where economic progress has been history for some time - felt more fateful than a re-Oasis or I - like most others who believe puddings should be first eaten before one considers them to be pudding - have seen Banerjee, in her post-Che chief ministerial module, rack up MoUs with corporate houses like she was Le Chiffre piling up chips at the baccarat table in Casino Royale. But her annual BGBS (Bengal Global Business Summit) is not likes of Ambani, Adani and other open- and closed-vowelled big names of industry fly down to Kolkata have photo-ops with Banerjee, make investment promises, and then take the first flight back to where they'll put their money where their MoUs Chandra, Didi reportedly exchanged pleasantries, a core strength of Bengalis. TMC officially noted: 'The meeting reflected Bengal's commitment to fostering meaningful public-private partnerships that drive innovation, investment and inclusive development... the conversation centred on deepening the Tata Group's presence in the state'. If you say so. And never mind Singur and the Tata Motors factory turned to factionary by then-in-opposition Didi. US goods trade with Vietnam was some $149.6 bn in 2024, 'Ho Ho Ho Chi Minh!' it's not the present tete-a-tete offensive's genuineness I doubt. Or whether bygones can be made to be bye-byegones. It's the continued mismatch between how Bengal - not just its CM or political class, but also its people - sees business and the way rest of the world sees it.A perfect example of this is Kolkata's roads, arguably the worst among India's metropolitan cities. But here again, Bengalis will trot out examples of collapsed bridges in Gujarat and bombed-out highways in UP to make a point that they are being picked on for conspiratorial reasons. The definition of 'maintenance' is radically different from that in the rest of are floated, vendors are chosen, councillors get a slice of the MLA fund... the repair work (sic) is done in such a calibrated shoddy manner that the 'fixed' road will turn into a lunar landscape and public hazard by the next round of rains. Wash, rinse, repeat. And everyone is fine with this 'circular economy' there's 'wealth creation' itself. At some fundamental level, wanting to be rich - never mind being rich - is taboo, as if akin to wanting to sleep with one's own cousin. This is largely because most people in this everything-is-politically-connected economy make money by cutting corners, slipping slips, nailing turfs, promising cuts....'Mou' in Bengali is honey. 'MoU' is sweet nothing. For a state that takes pride in being constantly angry, 'When Chandra Met Mamata' remains a romcom scene famous for 'faking it' - at least until the pudding of actual investment is eaten.P.S. Rumour of the meeting originally scheduled for July 8, and then pushed a day later after someone pointed out that Tuesday was Jyoti Basu's 111th birth anniversary, I'm sure, was nothing but a rumour.
Economic Times
4 days ago
- Business
- Economic Times
Can Tata and Mamata Banerjee ever be business friends?
ET Bureau & Agencies A lot of activities connecting the past, present and (intended) future happened over the last fortnight. The much-awaited, almost-given up reunion of Oasis happened in Cardiff on July 4. The epochal final 'Back to the Beginning' concert of Black Sabbath and its legendary frontman Ozzy Osbourne in Birmingham took place the next day. But a decidedly quieter meeting of no less momentous proportion took place in Kolkata on July 9. Tata Sons chairman Natarajan Chandrasekaran and West Bengal chief minister Mamata Banerjee met at the latter's office on Wednesday. This was the first time that a Tata Group chairman met a West Bengal CM in 14 years - the last two being Ratan Tata and Buddhadeb Bhattacharjee, just before the woman who drove Tata Motor Dixie out of Bengal took over Bhattacharjee's portfolio, and much else. The warring Oasis brothers Liam and Noel Gallagher had been fighting for 16 years. Ozzy had been put out to Sabbath for health reasons for 20. But somehow, Didi's darbar with Chandra, at least to people with a more ironic sense of history - especially where economic progress has been history for some time - felt more fateful than a re-Oasis or re-Ozzy. Now, I - like most others who believe puddings should be first eaten before one considers them to be pudding - have seen Banerjee, in her post-Che chief ministerial module, rack up MoUs with corporate houses like she was Le Chiffre piling up chips at the baccarat table in Casino Royale. But her annual BGBS (Bengal Global Business Summit) is not WYSIWYG. The likes of Ambani, Adani and other open- and closed-vowelled big names of industry fly down to Kolkata have photo-ops with Banerjee, make investment promises, and then take the first flight back to where they'll put their money where their MoUs are. With Chandra, Didi reportedly exchanged pleasantries, a core strength of Bengalis. TMC officially noted: 'The meeting reflected Bengal's commitment to fostering meaningful public-private partnerships that drive innovation, investment and inclusive development... the conversation centred on deepening the Tata Group's presence in the state'. If you say so. And never mind Singur and the Tata Motors factory turned to factionary by then-in-opposition Didi. US goods trade with Vietnam was some $149.6 bn in 2024, 'Ho Ho Ho Chi Minh!' notwithstanding. But it's not the present tete-a-tete offensive's genuineness I doubt. Or whether bygones can be made to be bye-byegones. It's the continued mismatch between how Bengal - not just its CM or political class, but also its people - sees business and the way rest of the world sees it. A perfect example of this is Kolkata's roads, arguably the worst among India's metropolitan cities. But here again, Bengalis will trot out examples of collapsed bridges in Gujarat and bombed-out highways in UP to make a point that they are being picked on for conspiratorial reasons. The definition of 'maintenance' is radically different from that in the rest of India. Tenders are floated, vendors are chosen, councillors get a slice of the MLA fund... the repair work (sic) is done in such a calibrated shoddy manner that the 'fixed' road will turn into a lunar landscape and public hazard by the next round of rains. Wash, rinse, repeat. And everyone is fine with this 'circular economy' here. Then there's 'wealth creation' itself. At some fundamental level, wanting to be rich - never mind being rich - is taboo, as if akin to wanting to sleep with one's own cousin. This is largely because most people in this everything-is-politically-connected economy make money by cutting corners, slipping slips, nailing turfs, promising cuts.... 'Mou' in Bengali is honey. 'MoU' is sweet nothing. For a state that takes pride in being constantly angry, 'When Chandra Met Mamata' remains a romcom scene famous for 'faking it' - at least until the pudding of actual investment is eaten. P.S. Rumour of the meeting originally scheduled for July 8, and then pushed a day later after someone pointed out that Tuesday was Jyoti Basu's 111th birth anniversary, I'm sure, was nothing but a rumour. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. India's gas dream runs on old pipes. Can a European fix unclog the future? Did Jane Street manipulate Indian market or exploit its shallowness? Newton vs. industry: Inside new norms that want your car to be more fuel-efficient Is gold always the best bet? Think again Do bank stress tests continue to serve their intended purpose? These large- and mid-cap stocks can give more than 24% return in 1 year, according to analysts Suited for the long term, even with headwinds: 8 stocks from healthcare & pharma sectors with upside potential of up to 39% Stock picks of the week: 5 stocks with consistent score improvement and return potential of more than 22% in 1 year
Time of India
5 days ago
- Business
- Time of India
Bengal's big reboot or Buddhadeb déjà vu: Can Mamata Banerjee's 2025 investment blitz deliver?
Rekindling old ties Live Events Bengal Global Business Summit 2025 Who's investing and where the money's going: The numbers vs the narrative These are the sectoral focus areas: Rebuilding the infrastructure backbone A rollback law that spooked the boardroom So, is this her Buddhadeb moment? (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The year 2025 marks a crucial phase for West Bengal's industrial ambitions, with Chief Minister Mamata Banerjee leading an aggressive push to attract investment, foster public–private partnerships, and boost the state's economic government is courting top industrial houses, hosting high-profile summits, and clearing the decks for projects across sectors. But a controversial rollback law, paired with long-standing land acquisition hurdles, has raised questions about the credibility of this brings us to the real question: is this Mamata Banerjee's 'Buddhadeb Bhattacharjee' moment?On June 10, Tata Sons chairman N. Chandrasekaran met Banerjee at the Chief Minister's Office in Nabanna, the first such meeting since she came to power. That alone is loaded with symbolism. The last time the Tata Group loomed this large in Bengal's political memory was during the Singur standoff of 2008, when the Nano project was pulled from the state after after Banerjee-led protests over land acquisition. The fallout helped propel her to latest meeting wasn't just a courtesy. The Trinamool Congress called it a 'constructive dialogue on Bengal's industrial growth and emerging opportunities,' suggesting a thaw in relations. According to TOI, they discussed land availability and even floated the idea of a direct Air India flight to Europe. No MoUs were signed, however, but both sides signalled a willingness to had hinted at this renewed equation during the Bengal Global Business Summit (BGBS) in February. As per TOI, a day before the summit, she spoke to Chandrasekaran and later told the audience, 'He has assured (me) that they want to invest more and more in Bengal.'And that intent is turning into Consultancy Services received clearance in June to begin Phase I of its Bengal Silicon Valley campus in New Town, as reported by The Economic Times. The 11-storey tower, with 9 lakh sq ft of office space, is expected to create 5,000 direct II could add another 20,000 jobs, taking the total to 25,000. The project spans 30 acres across Sanchita Park and the Bengal Silicon Valley Hub, with 12,500 seats set to be operational by in 2006, it was the Nano project in Singur that sparked a fierce land agitation. Then-CM Buddhadeb Bhattacharjee refused to budge, Banerjee led the protests, and by 2008, Tata Motors moved to Modi, then-Gujarat CM, sent Ratan Tata a one-word SMS: 'Welcome.' The Nano didn't last, but the political shift it triggered was years later, Banerjee is on the other side of the table. That's why comparisons with Buddhadeb's failed industrial gamble are state is clearly recalibrating. It wants jobs, investment, and it's engaging with groups it once kept at arm's length. But Banerjee is also walking a tightrope, development on one side, political memory on the 8th edition of BGBS, held in Kolkata on February 5–6, was West Bengal's headline investor outreach event this year. According to The Hindu and India Today, Banerjee announced that the summit drew investment proposals worth ₹4.4 lakh crore across 212 MoUs and Letters of reiterated her pitch that Bengal is among the 'safest and smartest' investment destinations. MoUs, however, are non-binding. But the turnout was significant: nearly 5,000 delegates, including 25 ambassadors, 200 foreign delegates from 40 countries, and representatives of 20 partner Ambani pledged to double Reliance's investment in Bengal to over ₹1 lakh crore by 2030. This includes an AI-ready data centre in Kolkata, more Reliance Retail outlets, and green energy projects under the 'Solar Bangla for Sonar Bangla' initiative. Ambani also announced Bengal's first cable landing station in Digha and an expansion of retail stores from 1,300 to 1,700 over three Jindal committed ₹16,000 crore for two 800 MW power plants in Salboni, with plans for an industrial park and investment in Durgapur airport.₹10,000 crore across energy, healthcare, and education.₹15,000 crore over five years across real estate, healthcare, tourism, and a golf-themed plans for an AI-driven global centre of excellence and a new FMCG manufacturing 15 acres in Ashoknagar for oil and gas exploration at ₹1. Banerjee said, 'They have successfully discovered oil and gas... We are supporting ONGC's initiative.'West Bengal has emerged among the top Indian states for corporate industrial investment intentions in 2024, according to The Times of India, which cited the DPIIT Annual Report 2024–25. Chief Minister Mamata Banerjee said the state received ₹39,133 crore in investment proposals from 29 industrial houses between January and November 2024, a sharp jump from the usual ₹4,000–10,000 crore range in previous claimed that Bengal had become 'a front-runner in receiving concrete big industrial investment intentions,' citing the central government's Department for Promotion of Industry and Internal Trade (DPIIT) report. She said the state had 'surpassed all the states in attracting (big) corporate industrial investment intentions in 2024.'The BJP, however, dismissed her statement as misleading. 'Stop lying Mamata Banerjee,' the party's co-incharge for Bengal, Amit Malviya, posted on X. 'Here is a fact check on West Bengal's Investment Intentions vs Actual Investment.'Citing official data, Malviya said Bengal ranked fourth in investment proposals between January and November 2024, drawing ₹39,133 crore, just 7.45% of the nationwide total. But when it came to actual investment, he said the state had fallen to 14th place, with just ₹3,735 crore realised till November 2024, down from ₹4,930 crore in 2023, and accounting for only 1.2% of the national also pointed to West Bengal's absence from the India Industrial Land Bank (IILB), a GIS-enabled database of industrial parks launched in 2020, calling it a sign of the state's 'lack of commitment to Ease of Doing Business.'However, the government is planning a Business and Industry Conclave after Durga Puja 2025. TOI quoted Principal Chief Economic Adviser Amit Mitra saying the conclave would focus on industrial performance ahead of the 2026 elections. It's not a replacement for BGBS, but a tighter showcase of new plants planned in Jangalmahal, expected to bring in ₹32,000 crore.90 lakh units employing 1.3 crore people. Loans worth ₹9.5 lakh crore sanctioned. Land offered at ₹1 for district malls with contributes 50% of India's $700 million leather worth $1.8 billion in to set up a design and testing hub in Kolkata's Power Centre. Santech Global Inc is also exploring a project. Fabrication facilities could exports hit $423 million in FY24.$20.5 million worth of pharma and medical equipment exported in is also set to inaugurate a new leather and textile hub in per media reports in May, the West Bengal Industrial Development Corporation (WBIDC) is preparing over 7 acres at Kharagpur General Industrial Park for new allotments. This is part of a 205-acre park in Nimpura. A detailed land survey is underway using GPS-based 1976, 28 units have been operational in this area. The project is under the state's Scheme for Approved Industrial Park (SAIP), cleared by Cabinet in key hubs include the Vidyasagar Industrial Park, Panagarh Industrial Park, and Raghunathpur Industrial to The Hindu, Infosys opened a ₹426 crore, 3.2 lakh sq. ft. campus in Kolkata in December 2024, generating 4,000 the government, during the Bengal summit in February, announced that it had set up a high-level Investment Synergy Committee as a single-window interface, according to Business Standard. Digital portals for land and permits are now per Financial Express, in March 2025, the state passed a controversial law—The Revocation of the West Bengal Incentive Schemes and Obligations in the Nature of Grants & Incentives Act—allowing it to cancel incentives given since 1993 and reclaim move has rattled industry to The Economic Times, Dalmia Bharat Ltd and Birla Corporation have flagged concerns that nearly ₹430 crore in dues could now be in official from Dalmia Cement (Bharat) Ltd, a subsidiary of Dalmia Bharat, said the company was expecting ₹236.32 crore plus 8% interest under the now-revoked 'WB State Support for Industries Scheme 2013'.Birla Corporation, also impacted, revealed it was sanctioned ₹55.66 crore in Industrial Promotion Assistance by the West Bengal State Industrial Development Corporation (WBSIDC). It also has a pending claim of ₹138.58 companies fear these payments may not come through following the introduction of the Revocation Financial Express notes that the revocation "marks a sharp policy shift that could have far-reaching consequences for investor sentiment and future industrial participation in the state."Compared to Buddhadeb Bhattacharjee's land acquisition crisis, this reversal could be more damaging because it hits some ways, Bhattacharjee and Banerjee pushed for industrialisation, and both ran into deep-rooted political and structural roadblocks. But their missteps are failed to carry people with him. Banerjee is now gambling with investor trust. One stumbled on land; the may on Tata meeting was a hopeful signal. The incentive rollback not so much. Whether Banerjee can turn this moment into a lasting reboot, or whether it ends as yet another missed chance in Bengal's industrial journey, is still wide open.
Time of India
7 days ago
- Business
- Time of India
For the first time in 14 years: Tata Group chairman Natarajan Chandrasekaran meets CM Mamata Banerjee to discuss investment in West Bengal
KOLKATA: A Tata Group chairman came down to Nabanna on Wednesday to meet Mamata Banerjee for the first time in her 14-year tenure as Bengal CM to discuss future investments in Bengal. Tata Group chairman Natarajan Chandrasekaran met Banerjee for about an hour at the latter's 14th-floor office, also marking the first face-to-face conversation between a Bengal CM and Tata Group's senior-most executive since the group's forced exit from Bengal in 2008 amid the tumultuous Singur agitation (led by Banerjee, then the state's principal opposition leader). Tata Group has a strong presence in Bengal through entities like TCS, Tata Hitachi, Tata Steel and Tata Global Beverages. There was no official communication from the administration on Wednesday's meeting but Nabanna seniors said it revolved around the availability of large land parcels in the state. Another topic that the discussion might have explored was the possibility of a direct Air India flight to Europe, they said. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata Chandrasekaran now holds the post once held by Ratan Tata for close to two decades and then by Cyrus Mistry. Banerjee has never met either Tata or Mistry after taking over as Bengal CM. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like So sánh mức trượt giá: Hợp đồng tương lai (CFD) Bitcoin vs Ethereum IC Markets Tìm hiểu thêm Undo The Tata Group (and Tata Sons) chairman was accompanied by Confederation of Indian Industry director-general Chandrajit Banerjee; state chief secretary Manoj Pant, too, was present. Chandrasekaran left the city after the meeting, officials said. Nabanna seniors say the Tata Group chairman has been in touch with the CM since their telephone conversation on the eve of this year's Bengal Global Business Summit. Banerjee had then spoken about their 'detailed discussion' and added that Chandrasekaran was 'keen' on attending BGBS but had some prior engagements. 'He has assured me that they want to invest more in Bengal,' the CM had said while inaugurating the 8th edition of BGBS.
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Business Standard
09-07-2025
- Business
- Business Standard
Comeback after Singur: Tata Chairman Chandrasekaran calls on Mamata
Tata group Chairman Natarajan Chandrasekaran on Wednesday called on West Bengal Chief Minister Mamata Banerjee at the secretariat to explore opportunities in the state. In a post on X, the Trinamool Congress, the party Banerjee leads, said she hosted Chandrasekaran for a dialogue on West Bengal's industrial growth. The meeting reflected the state's commitment to fostering public-private partnerships that drive innovation, investment, and inclusive development, it added. The ruling party also said their conversation centred on deepening the Tata group's presence in the state. ALSO READ: This meeting is a first between a Tata group chairman and Banerjee as chief minister. In 2008, Banerjee, then in the Opposition, led a sustained movement against Tata Motors' Nano project in Singur, south West Bengal. The project later moved to Gujarat. At the Bengal Global Business Summit (BGBS), held in February, Banerjee had said in her speech the Tata group chairman could not make it to the summit owing to certain exigencies. Banerjee had a detailed discussion with him on the eve of the summit. 'He has assured (me) that they want to invest more and more in Bengal. And he will come to Bengal very soon and discuss (things) in detail,' she had said then. It is widely believed that the Singur episode influenced the West Bengal Assembly elections in 2011, when the Trinamool Congress swept to power, ending 34 years of Left Front rule. The Tata group, however, continued with its businesses in West Bengal such as those of Tata Consultancy Services (TCS), Tata Steel, and Tata Hitachi. TCS, which has a significant presence in New Town, Rajarhat, has taken up 20 acres at the Bengal Silicon Valley, the upcoming tech hub. Banerjee had posted on X that the New Town Kolkata Development Authority (NKDA) had sanctioned the Phase-I building plan for the TCS office campus at the Bengal Silicon Valley. In the first phase 900,000 square feet of 'world-class infrastructure', including an 11-storey office tower, will be developed, creating employment for 5,000 people. The second phase will add another 1.5 million square feet, generating 20,000 more jobs, she had posted on X.
