India in talks with 300 cos to attract $62bn investment

Saturday 11th March 2017 07:31 EST

The Indian government and its investment promotion agency- Invest India, are currently in talks with around 300 companies- both Indian and foreign, to channelise investment of close to $62 billion, into the country. If accomplished, the project may help create 1700,000 jobs. The list of companies is topped by Sany, which is expected to invest nearly $10 billion in the wind power space.

The list also includes real estate and construction companies such as Dalian Wanda Group, which is under talks with the Haryana Government for a number of realty projects with each planning to invest close to $5 billion. There is SAIC, which is in talks with GM to take over the Halol plant, Lifan Motors, and Fosun Pharma. Over $3 billion investment has been tied up and close to 300,000 jobs likely to be created once they go on stream.

Almost half of the flows are being pursued by China, with a proposed investment of around $32 billion by Chinese companies. This move is expected to help cut the massive flow of imports from across the border.

Over the past few months, the department of industrial policy and promotion has been pursing investors with over 150 companies initially identified to seek investments. While a lot of the companies that are being targeted have little or no presence in the country, several companies such as Cisco and H&M are being pursued to ensure that they expand their India footprint.

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