It was announced in 2011, and in May 2014 Mamata Banerjee, Chief Minister of West Bengal, stated "[it] is expected to be ready in a year's time", but it was never built.

"[6][7] In August 2012 The Times of India reported that the state urban development department had identified a two-acre plot, alongside the Hooghly River, belonging to the Kolkata Port Trust.

According to Hakim, the CMDA, Calcutta Port Trust, which is providing the land for the project, and the UK-based firm, formed a consortium to set up the structure.

[10] However, The Times of India subsequently reported that London-based Sun Consulting and Investment (UK) had, through its Indian arm, "bagged the job" to run the wheel complex for 30 years in "a global tender participated by four other construction giants", and quoted Sun Consulting and Investment chief Sudipto Bose as saying "It was the call of chief minister Mamata Banerjee.

[12] In November 2017, a Kolkata Metropolitan Development Authority source was reported as having said that a second tender was to be called and completed within the next two years, with engineering procurement and construction to follow later.