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India beckons foreign investors

FM uses WEF as a platform to spread out the red carpet for Japanese investors to tap the infra, power revolution.

india Updated: Jan 27, 2006 11:56 IST
Prerna K Mishra (Hindustan Times)
Prerna K Mishra (Hindustan Times)

Finance Minister P Chidambaram used the World Economic Forum as the platform to spread out the red carpet for Japanese investors to tap the infrastructure and power revolution in India.

The total Japanese foreign direct investment flow into India has been $2.1 billion which is very low. "The second round of airport upgradation, where Kolkata and Chennai along with 30 smaller airports will be taken up for modernisation, is a huge window of opportunity for the Japanese investment community," he said, addressing a breakfast meeting with the Japanese delegates on Thursday.

The minister offered to facilitate the entry of Japanese companies to partner with the Indian power firms, especially for the five thermal power projects for generating 20,000 MW power that have already been cleared.

"While we have a fair enough idea of the Indian companies that will be participating in the power production projects, we invite Japanese investors and power majors to enter into joint ventures for power production as well as for providing capital goods for the projects."

He added that all clearances for the projects will be provided before the bid is awarded by the end of December 2006. "On the production side, the government will provide the projects based on the lowest bid based on tariff to be charged for supply of power."

Under the infrastructure initiatives, the minister also mentioned that JAICA is already doing a feasibility study for the Delhi-Mumbai and Delhi-Kolkata rail corridor and in all probability will get a go-ahead from the government side.

First Published: Jan 27, 2006 11:56 IST