France to invest Eur 10 bn in India by 2012: Christine Lagarde | delhi | Hindustan Times
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France to invest Eur 10 bn in India by 2012: Christine Lagarde

delhi Updated: Dec 06, 2010 12:13 IST

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French companies are committed to invest euro 10 billion (USD 13.37 bn) in India by 2012, the country's Minister of Economy and Finance Christine Lagarde said on Monday.

"This is not just a figure (Euro 10 billion). It is the commitment by French companies between 2008-2012," Lagarde said while addressing India-France Business Forum at Ficci.

Adding that everything (business) worked on 'give and take' principle, she said, India has to reciprocate to its (France's) interests in the country.

She emphasised on opening up sectors like insurance and retail, particularly, multi-brand retail, so that French companies can invest in these sectors.

Lagarde is accompanying the French President Nicolas Sarkozy, who is on a four-day visit to India.

Sarkozy is leading a team of ministers and a high-level business delegation to strengthen bilateral ties in key areas.

Responding to the concern expressed by French minister, Planning Commission deputy chairman Montek Singh Ahluwalia said removing foreign direct investment (FDI) cap on insurance and multi-brand retail was very much on the government agenda.

Government is in the process of amending the insurance legislation to pave the way for allowing 49% FDI in the sector, Ahluwalia said.

For opening up FDI in retail, particularly the multi-brand retail, several ministries have supported the idea, but the decision has to be taken by the government, he said.