Reliance to invest $435m in agro-retail

KOLKATA: Reliance Industries Ltd will invest Rs 15 to Rs 20 billion ($326 million to $435 million) in agro-retail businesses in West Bengal, chairman Mukesh Ambani said on Wednesday.   

 

“Our primary focus is going to be in terms of really transforming the agriculture sector in West Bengal,” he said.

"We will set up an agro retail chain across all the districts in West Bangal, including Kolkata, with an investment between Rs 1,500 crore and Rs 2,000 crore over three years. Our primary focus will be linking farmers with consumers and transforming agro-business into agro-processing, " he said.
  
Ambani said RIL would also supply natural gas to Haldia from the Andhra basin in the east coast with an investment of Rs 2,000 crore .

 

The company had signed an agreement with the West Bengal Industrial Development Corporation in this regard.

 

Describing the day as "historic", Ambani said RIL was privileged to step in West Bengal and participate in agro-retail business and supply of gas in the state.
  
The chief minister said the agro-retail project of RIL would help the farmers as well as the consumers of the state and added that the proposed gas pipeline, originating from Andhra basin, would run through Orissa to reach Haldia.
  
Earlier, Ambani held a meeting with Chief Secretary Amit Kiran Deb over the proposed projects.