Boost for India: UAE promises $2 billion investment in infra | business | Hindustan Times
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Boost for India: UAE promises $2 billion investment in infra

business Updated: Feb 18, 2013 21:40 IST
Mahua Venkatesh

At a time when investments in India are drying up, the UAE’s investment agencies have committed to invest an initial sum of $2 billion in the nation’s cash-starved infrastructure sector.

Besides, the UAE said it would also work and support India for the establishment of strategic oil reserves in India.

India could also consider treating Abu Dhabi Investment Authority and Abu Dhabi Investment Council as separate entities, as suggested by the UAE authorities.

At present, the two are considered as a single entity. The move would help in boosting investments and raise the ceiling of investments in cases where there are regulatory hurdles.

Commerce and industry minister Anand Sharma who met Shaikh Hamid Bin Zayed Al Nahyan, chairman of Abu Dhabi Crown Prince’s Court, on Monday said that a sub-committee under the high level task force has been set up to look into various issues.

The committee would submit its report on a time bound manner.

“We have had discussions on various issues… they have raised concerns related with some past investments and I have assured them that within the limit of our laws, India will protect these investments,” Sharma said.

He added that though the particular Jet Airway and Eitihad deal was not discussed in the meeting, negotiations between the two companies were on and an outcome was expected soon.

“Both airlines are in negotiations and are keen on building a partnership,” he said.

Five sub-committees to look into areas such as infrastructure, energy, manufacturing and technology, trade and aviation under the task force have also been set up to look into various issues that could come up.