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USIBC shows interest in infrastructure projects

lucknow Updated: Oct 06, 2012 15:18 IST
HT Correspondent
HT Correspondent
Hindustan Times
United States-India Business Council

United States-India Business Council (USIBC) has shown interest in infrastructure projects - expressway and airport etc-- the state government proposes to set up under the public private partnership (PPP) model in Uttar Pradesh.

A high level USIBC delegation led by its chairman Ajay Banga and president Ron Somers met chief minister Akhilesh Yadav and senior officers of the state government and enquired about various infrastructure projects.

Somers invited the chief minister to the United States in January 2013 and said a US business delegation was also expected to visit India in March 2013. "USIBC will work hard to convince US business community to invest in UP," said Banga.

The chief minister agreed to lead a delegation to the USA to attract investment to the state. The CM exhorted the US companies to be a welcome partner in the state's development. When Ron Somers enquired if the US companies were eligible to bid for the expressway and airport development projects, he was informed that the developers needed to have experience of working in India.

The US companies, however, could form special purpose vehicles (SPV) with Indian companies for this purpose. A presentation about the new industrial policy, incentives being offered to the industry, the infrastructure development and the power sector projects and the state government's efforts to build business environment in UP was also made.

The state government has now decided to facilitate an interaction between the state industry and the India representatives of the USIBC to identify 10 to 15 projects to attract investment from the USA.

Responding to state government's steps to promote IT industry, Banga and Somers informed the government that under the "Defence Offset" policy of the Government of India the American companies may invest a sum of US $3 billion and the state government should coordinate with the centre

to get this investment to the state.