West Bengal is expected to receive over Rs 43 billion in investment over three years in warehousing and logistics, real estate services firm JLL India said on Wednesday.
"With an MoU the state government is expected to execute in three years (2018-2020) in the pipeline, West Bengal will see over Rs 43 billion being invested to mostly create warehousing facilities strategically around the state," a company statement said.
The state, which acts as a gateway to the north-east and to South East Asian countries, has a total 11.6 million square feet (msf) of warehousing space. This is set to go up to 22 msf.
"Bengal is witnessing growth in the real estate sector coupled with a government push for infrastructure.
Going forward, we will see investments of different types and sizes in this space across the state," said Nandu Belani, President, Credai, Bengal.
Credai, Bengal hosted a sectoral session on infrastructure with a focus on the sunshine sector of 'Warehousing and Logistics' at the Bengal Global Business Summit.
The key markets across the state that would see development in the first phase include Dankuni, Alampur/Dhulagarh, Ulberia, Kalyani, and Sirakol, and mostly around Kolkata.
Ramesh Nair, CEO and Country Head, JLL India, said: "Goods and Services Tax implementation has opened the floodgates for logistics opportunities in Bengal... It's time to see how the state improves its grades on 'ease of doing business' and adapts to changing needs of the sector and embrace growth."