Fresh package likely to attract investment in West Bengal's financial hub

KOLKATA: Failing to elicit adequate response from banks and other financial institutions to invest in its proposed financial hub at New Town on the city's northern periphery, the West Bengal government is considering offering a fresh package.

"We are ready to offer a fresh package, if Expressions of Interest (EOIs) are not received for all plots within October 31, the last date for its submission", state urban development minister Firhad Hakim said here today.

"So far only five banks and financial Institutions, including State Bank of India, United Bank of India, Allahabad Bank and SREI, have come forward with their EOIs, while interactions are on with Yes Bank and Dena Bank", Hakim said.

Asked about details of the fresh package, the minister said that the board of the West Bengal Housing Infrastructure Development Corporation Limited would finalise it.

While the Left Front government had identified 300 acres at the CBD of New Town Action Area II, Hakim said 25 acres would be developed initially and handed over to banks, financial institutions, insurance companies and portfolio management firms.

The then Union finance minister Pranab Mukherjee had laid the foundation stone for the project on October 13, 2010, but two years down the line it is yet to take any concrete shape.

Hakim visited the financial hubs of Bandra-Kurla in Mumbai and financial infrastructure in Delhi and would visit Bangalore, Hyderabad and Chennai and Singapore after the Durga puja to gain knowledge.