TVS, Godrej, Imagicaa ready to invest in Goa, if given time-bound clearances

PANAJI: With state government making a strong pitch for investments at the Invest Goa 2024 Summit on Monday, India Inc. followed through with investment proposals that could see several hundred crores pouring into Goa .

TVS Logistics, Godrej Industries, and Imagicaa World Entertainment, along with Pai Kane Group and Dempo Group, promised to invest in the state provided that time-bound clearances and single-window approvals are delivered as promised.

Iconic beverage maker Rasna has also expressed interest in developing health beverages using cashew but did not provide concrete details about the proposal.

"Goan cashews have got the GI tag and I think this is a great opportunity. I believe for children who don't like milk, we can and we are looking at developing milkshakes and smoothies made from cashews. This will be launched not only in India but in countries where Rasna is present. This will benefit the huge number of farmers in Goa," said Piruz Khambatta, chairman and managing director of Rasna International Ltd.

T VS Industrial & Logistics Parks announced it will pour in Rs 125–150 crore to set up an industrial park, which will come up on 15- 20 acres of land. Though TVS is still scouting for the ideal location, initial talks with Goa Industrial Development Corporation (GIDC) have indicated that the facility could come up at Verna.

The logistics park will cater to domestic demand, particularly from the pharmaceutical, FMCG, e-commerce, and manufacturing sectors, said Ramnath Subramaniam, who is the chief executive officer of TVS Industrial & Logistics Parks. Subramaniam said that the facility could create direct employment for 250 people, while indirect employment could reach around 1,000 jobs. “Our focus is on Tier II and Tier III markets. In Goa, we are looking at modular growth. We will now sit down with the state government and work out the modalities.

What we are looking for from the state government is support under the logistics and warehousing policy and single-window clearance,” said Subramaniam. Godrej Agrovet Limited, which has a 34% market share in domestic palm oil production, wants to expand its refinery capacity at Valpoi. The company is looking to triple the acreage of palm oil cultivation in Goa.

“In Goa, we are working with close to 250 farmers and intend to expand that farmer base to 1,000. Increasing the palm oil cultivation in Goa will lead to an improvement in farmers’ income and selfsufficiency in India with respect to palm oil production,” said Rakesh Swami, president for corporate affairs at Godrej Industries’ Group. Meanwhile, Dempo Group chairman Shrinivas Dempo said that his firm is keen to set up a green energy plant in the state. Dempo also reiterated his plans for a luxury beachside resort at Varca in South Goa on eight hectares of land.

The project has received in-principle approval from the Goa Investment Promotion Board, but the delay in the completion of the Coastal Zone Management Plan has prompted the company to put the project on hold. The Pai Kane group submitted a proposal to the state government to manufacture transformers at Tuem Industrial Estate, where the company already manufactures diesel generator sets.

The Pai Kane group inked an MoU with the state to show its seriousness in following through with the expansion proposal, which is valued at Rs 30 crore. Representatives of Imagicaa World Entertainment also held a meeting with state government officials to explore the possibility of setting up a themed entertainment park in the state, along the lines of the 130-acre theme park in Maharashtra.