Adani calls on Mamata, discusses investment scenario in Bengal

Details of the meeting, which was held in secrecy at Nabanna, were kept tightly under the wraps

Gautam Adani with Mamata Banerjee, in a picture the industrialist tweeted after meeting the Bengal chief minister.: Telegraph photo

TT Special Correspondent   |   Calcutta   |  03.12.21: Gautam Adani, the country’s second-richest industrialist, blew into town on Thursday for a pow-wow with Chief Minister Mamata Banerjee, creating a flutter in industry circles and promising to provide a coruscating edge to the state’s global investment summit in April.

Details of the meeting, which was held in secrecy at Nabanna, were kept tightly under the wraps.

After the meeting, Adani tweeted: “Delighted to meet @MamataOfficial, Hon'ble Chief Minister Mamata Banerjee. Discussed different investment scenarios and the tremendous potential of West Bengal. I look forward to attending the Bengal Global Business Summit (BGBS) in April 2022.” He also posted a photograph with the Chief Minister.

Gautam Adani with Mamata Banerjee, in a picture the industrialist tweeted after meeting the Bengal chief minister.: Telegraph photo

The meeting came just a day after Banerjee told the audience at Infocom 2021, the flagship B2B conference of the ABP Group: “My next target is industrial growth.”

Adani, who has a net worth of $ 74.3 billion networth and is ranked 13th on the Bloomberg Billionaire’s Index, straddles the infrastructure swathe with interests in ports, airports, power, mining, oil and gas, transportation, food processing and real estate.

The Adani group has a market capitalization of $130.94 billion. The industrialist has been eyeing opportunities in Bengal for quite some time – and is expected to articulate the full scale of his ambitions for the state at the global business summit.

The sudden unexpected meeting with Banerjee dispelled the mood of disappointment that had crept in after a fairly low-key meeting with just a handful of industrialists during the Chief Minister’s two-day trip to Mumbai earlier in the week.

The meeting with Adani also came a week after Banerjee met Prime Minister Narendra Modi in Delhi and invited him to attend the Global Business Summit on April 22. Abhishek Banerjee, national general secretary of All India Trinamul Congress, was also present at the meeting.

However, the state government did not come out with any official communication after the talks.

Corporate observers were quick to point out how the signature projects of Mamata Banerjee government would fit in with Adani’s expanding business plans.

The Group, which has often drawn flak from the Opposition for its presumed proximity with Modi’s Bharatiya Janata Party, has had a limited presence in the state.

Apart from Adani Wilmar, the edible oil arm of the Group, which operates one of its largest plants at Haldia and city-gas distribution licence in partnership with Indian Oil Corporation, the Gujarat-based Group does not have a large business footprint here.

But all that may soon change.

Adani Ports, India’s largest private sector operator, has emerged as the highest bidder to operate a bulk cargo handling berth at Haldia. It has also qualified as a bidder to mechanise and develop a container terminal at Kidderpore in Calcutta.

The company also evinced interest in developing the Tajpur greenfield port in East Midnapur district, one of Banerjee’s flagship projects, by participating in a pre-bid meeting organised by the government.

“Adani is keen to develop Tajpur and is reported to be seriously evaluating the proposal,” said a port and shipping source who is aware of the developments.

The Telegraph had reported Adani’s interest in the Haldia, Kidderpore and Tajpur projects.

Corporate mavens wondered whether Adani’s ambitions would be confined to the port sector alone. It is also expanding its operations in mining, especially coal. Bengal has plans for a major project in this area. Banerjee’s government is keen to develop the Deocha-Pachami coal block, which is reported to have 2.1 billion tonnes of reserves in the Birbhum district. The distance between the mine and the Tajpur port can be covered in no more than six hours.

The industrial corridor coming up at Jangalmahal could house Adani’s renewable energy project sources suggested, adding that the group could also explore opportunities in Bengal’s food processing sector.

“The Adani Group’s business ambitions mesh well with the opportunities that Bengal has started to throw up. This development could not have been better timed: Banerjee plans to focus on the industrialization of the state in her third term in office, and the Gujarat-based group is looking to expand its operations across the country,” corporate observers said.