Details of Business Agreements signed today (August 20, 2014) at the major Business Summit in Singapore in the presence of
the Hon’ble Chief Minister, Miss Mamata Banerjee; Finance and Commerce & Industry Minister Dr Amit Mitra and more than 200 business persons from Singapore and West Bengal.
1. Between GIC-invested PE fund sponsored by HDFC Property domiciled in Singapore and Hiland Group worth approximately Rs 200 crore in the Calcutta Riverside development in Kolkata. Calcutta Riverside is a 262-acre township which is building a medical college and a corporate hospital, a school, a cricket and football academy, a film city, other social infrastructure, alongwith residential facilities. The Calcutta Riverside Project is also participating in the development of a 7.4 km elevated road (in association with L&T) that will provide vital connectivity to the south/south west of Kolkata. When complete, Calcutta Riverside will represent an investment of approximately US$ 1 billion in West Bengal.
GIC Singapore is the sovereign wealth fund of Singapore and therefore manages the country's foreign exchange reserves. It has in excess of US$ 100 billion under management in six core asset classes – developed parker equities, emerging market equities, nominal bonds and cash, inflation linked bonds, private equity and real estate.
GIC has committed a substantial investment in a private equity fund sponsored by HDFC Property Fund and domiciled in Singapore.
2. Between Keventer Agro Ltd. Kolkata and InfraCo Asia, Singapore, for Food Park at Dankuni worth approximately Rs 1000 crore. INFRACO is an infrastructure development company headquartered in Singapore and seeks to create viable infrastructure investment opportunities in low income developing countries of South and South East Asia.
INFRACO acts as principal, shouldering the risks of early stage development costs and brings world class development expertise through its team of highly experienced and qualified developers, with the aim of reducing the entry costs of private sector infrastructure developers.
INFRACO directly contributes development capital and arranges project debt and equity capital from third parties, as well as other INFRACO affiliate programmes.
3. Between Axsys Technologies Ltd. and Compass Energy Pte Ltd., Singapore, for collaboration on solutions in ship building and oil & gas exploration. The Axsys- Compass combine is expected to generate additional employment of about 200 persons in the Sector-V area immediately and another additional 500-600 persons over the next two years.
Axsys Compass Energy Pte Ltd is a Singapore-based Engineering Design and Project Management company operating globally out of Singapore, Thailand, Europe and USA, catering mainly to the Oil & Gas Offshore sector.
Between Axsys & Compass, it is now possible to offer the entire gamut of services ranging from Concept Design to Project Management for both the Shipbuilding as well as the Oil & Gas Offshore sector. No company with such capability exists in India now.
AXSYS Technologies (An ISO 9001:2008 and CMMI Level 3 certified Company) is an Engineering Design and IT company with about 125 persons working at its facility at Sector-V, Kolkata. Axsys caters to the global ship design market with clients in India like GRSE, L&T as well as companies all across the globe.
4. Between Obeetee Inc. and Williams Sonoma Inc. to identify and promote textiles and crafts with a goal of achieving revenue of $10m per year. The initiative involves manufacturing of home furnishings products in West Bengal and internationally retailing them through Williams Sonoma stores (pottery, Barn, West Elm, etc). West Bengal has a unique heritage in textiles and home furnishing and William Sonoma and Obeetee designers and management can partner and ensure that these products are made highly acclaimed globally.
Government of West Bengal will provide necessary assistance in identifying the relevant centers of excellence in manufacturing. It will also ensure that the products are ethically sourced and tie-up will explore the internationally social accountability standards such as Fair Trade or SA8000.
Obeetee, a Luxmi Group subsidiary, founded in 1920 is the largest producer and exporter of carpets and has received national and international recognition not only for the quality of its products but also for the high social accountability standards. They have received the SA8000 certification by Social Accountability International in US.
Williams Sonoma Inc. (NYSE:WSM) is a USD 4.5 B company with home furnishings retail operations in US, Canada, Australia, UK , Middle East countries etc. Their Asian headquarters is in Singapore. Obeetee is one of Williams Sonoma’s largest vendors.
5. Between the Ravi Auto group and the Sanderson Group for setting up of an Amusement Park project in West Bengal. The project will involve an estimated investment of about INR 125 Crores. It will create direct and indirect employment for about 800 people. The collaboration involves designing, planning and constructing an integrated tourism development including an Amusement park and to subsequently explore the possibilities of further collaboration of setting of such tourism development project.
The Sanderson Group is led by Mr. Steve A. Sanderson (Principal and Chief Executive Officer), an Australian based multi-national corporation with an experience of over 21 years in delivering high quality themed attractions. The Sanderson Group is led by an experienced multi-national team that draws on resources from nine locations across Asia Pacific including Singapore, Malaysia, Australia, Japan etc to provide their clients with turnkey, value-added, cost effective services. Among their projects worldwide include: Warner Bros’s Movie World (Australia), Sea World (Australia), Universal Studio (Sentosa Island, Singapore), Disney Sea (Tokyo, Japan), and in India, Kingdom of Dreams (Gurgoan).
6. Between Bengal Aerotropolis Projects Limited (BAPL), Changi Airports International (CAI) and Institute of Technical Education (ITE) for setting up a training academy in the aerotropolis project along with BAPL to provide vocational training courses, primarily in aviation-related areas.
EXCHANGE OF LETTERS
- Exchange of Letters between Government of West Bengal (Transport Department) and BAPL for introduction of aircraft connectivity between Coochbehar and Kolkata via Durgapur and night connectivity from Bagdogra in process.
- Exchange of Letters between Government of West Bengal and BAPL, whereby Government of West Bengal agrees in principal that Aerotropolis be accorded the status of an industrial township.
- Handing over a letter by CEO, Changi Airport International to Hon’ble CM on Changi Airport’s enhancement of equity in BAPL from 26 to 32.3 per cent.