WB tops in investment plans: Assocham

New Delhi: Huge potential in steel and oil sectors has enabled West Bengal to emerge top of the investment charts among Indian states, with Companies lining up investments worth Rs 127,302 crore in the state in the third quarter of the current fiscal, Assocham said.

“West Bengal has been able to beat the political blues and attract maximum investment announcements in the third quarter of 2007-08,” the industry chamber said.

Of the total planned investment of Rs 127,302 crore, most of it would flow into power (Rs 20,450 crore), steel (Rs 17,133 crore) and oil and petroleum (Rs 4850 crore).

According to a state-wise analysis by Assocham Investment Meter (AIM), the five states that attracted maximum planned investments include Orissa (Rs 53,997 crore), Maharashtra (Rs 47,393 crore), Tamil Nadu (Rs 25,195 crore) and Andhra Pradesh (Rs 21,660 crore).

“As the investment climate in the Indian Economy is favourable, the mineral rich states with investor friendly policies are drawing huge corporate interests,” Assocham President Venugopal Dhoot said.

SAIL has announced investments of Rs 20,000 crore in Kulti and Durgapur districts of West Bengal for increasing its steel production capacity. L&T Power Development has also outlined plans of Rs 20,000 crore in Haldia to increase the power generation capacity by 2013.

Orissa, rich in natural mineral resources, has attracted the second highest amount totalling Rs 53,997 crore, with Companies like NALCO, Jindal Stainless and Ashapura Minechem outlining huge investments.

Companies have lined up investments of Rs 47,393 crore in Maharashtra, mainly in oil, petroleum, ports and real estate, the chamber said.