Saturday, August 22, 2015

Next Phase of Financial and Legal Hub Planned

After the earlier phases of inviting expression of interests, 19 Financial Institutions have already taken plots in New Town Financial and Legal Hub. Now with the Government of India having given banking licences for payment only to select new banks, it has been decided to go for another round of inviting bids. At a roadshow organised by FICCI at Delhi on 8 Sep 2015, I will participate and talk about opportunities at the Financial Cluster at New Town, Kolkata. For the Bengal Global Business Summit 2016, we have sent invitation to Lord Mayor of the City of London, Chairperson of UKTI Financial Group and others. ASSOCHAM will be helping us as co-organisers.

In respect of the legal hub component, rules for running an arbitration centre has been sent to Ld Advocate General for advice since the Arbitration Act mandates that rules must be framed by the High Court. We are also seeking the views of Consulting Firm JLL to advise us on how to proceed for constructing a large building that will give space to Alternative Dispute Redressal Forums and Financial Sector enterprises. Meanwhile one floor of the Finance Centre is to be converted and developed as Kolkata International Arbitration Centre.
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Here is a clipping:

ToI dt 22 August 2015


  1. It would be great if we can promote the Analytics Hub as well in FICCI Road Show in Delhi. After Bangalore, the second biggest startup and big data / analytics hub in India is Gurgaon.

    As far as payment back license is concerned, AIRTEL and IDEA have grabbed the license among others and both of them have their HQ in Delhi. Hope we can generate a buzz among them this time.

    Meanwhile the epicentre of the financial activities remain in Bombay. And before the Business Meet in January, if we can have 3rd round of Road Show in Bombay, I think that would bring New Town more limelight. Also the bulk of the companies who have been given Payment Bank Licenses this time like Reliance Industries, Aditya Birla Nuvo, Paytm, Vodafone etc are all in Bombay.

  2. Govt. has approved a proposed master plan to develop 50 solar cities / green cities includes Newtown, Madhayamgram, Howrah

  3. How many of those 19 institutions have started construction activities? Would be great if we can get an update on them.

    Also, in the last few years we have seen several new commercial highrises have come up in sector 5. what is the response among IT companies for setting up shop here? How do we get those updates?