₹700cr investment in the offing at state foundry park
Times of India | 26 October 2024
Kolkata: An investment of about Rs 500-700 crore is in the pipeline at foundry park, set up by the Foundry Cluster Development Association (FCDA) in association with West Bengal Industrial Development Corporation Ltd (WBIDCL) off the state highway in Howrah’s Sankrail.
“Around 50 foundry units are likely to be operational at the park by fiscal year 2025-26. Many foundry companies in Bengal are expanding their units at the park, while some players from outside are also coming there to start operations,” said Vijay Beriwal, joint chairman of FCDA and chairman of Institute of Indian Foundrymen (IIF), a national association representing the foundry industry in the state.
As of now, the foundry park has attracted Rs 1,000 crore investment, with 20 operational units.
Ten more units are set to begin operations soon with an investment of Rs 500 crore, said Navneet Agarwal, IIF president.
Bengal has nearly 500 foundry units, mostly located in Howrah.
In this sector, the state occupies 5.5% of the national turnover, amounting to Rs 5,000 crore. Major players expect that Rs 8,000 crore will be invested in this sector in the next five years. IIF has started the National Centre for Export Promotion in Kolkata to expand the export of foundry-related products and castings.
Vandana Yadav, principal secretary of industry, commerce & enterprises and MD of WBIDCL, said: “Our exports are on a strong growth trajectory.
Merchandise exports alone reached approximately $11.7 billion (about Rs 90,000 cr) last year — a figure that reflects consistent progress. Bengal’s engineering goods sector contributed around $3.5 billion, demonstrating our strength and potential.”