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UAE may fund Del-Mumbai road

business Updated: Mar 05, 2013 01:59 IST

The world’s biggest investor, the United Arab Emirates (UAE), controlling one of the world’s largest wealth funds amounting to about $850 billion (Rs.46.7 lakh crore), has shown interest in the $90-billion (Rs.4.9 lakh crore) Delhi-Mumbai Industrial Corridor project.

The project to build a string of industrial cities is being showcased by the government as India’s topnotch project for attracting global investors

“UAE has shown interest to invest in the DMIC project that already has the financial backing of the Japanese government,” said a senior commerce ministry official.

“Although, the UAE’s investments in the past have mainly been in the US and the European Union, the current leadership of UAE is keen to explore investments in infrastructure in India such as the DMIC project.

"An assurance to this effect was given by them to India’s commerce minister Anand Sharma during his recent visit to the UAE,” he said. He said besides the UAE, the project is also likely to see investments from top European nations including the UK and Germany.

The DMIC project was concei-ved in 2006 and got a fresh impetus after FM P Chidambaram as part of his budget speech assured full funding support for it, calling it a “world class” infrastructure project.

This project is being developed in collaboration with Japan, committed to invest close to $5 billion in this mega-infrastructure project, to cover 1,483 km between Delhi and Mumbai.

The DMIC would be aligned with the dedicated freight corridor of the Indian Railways.

Seven futuristic cities are planned along this dedicated fright corridor that promises to drive industrialisation and urbanisation in India.