Canada to invest Rs 60 bn in Dholera investment region

Tuesday 06th January 2015 10:51 EST

Canada has proposed to invest Rs 60 billion in the Dholera Special Investment Region (SIR). Canada Trade Commissioner and Gujarat government will sign a formal Expression of Interest (EOI) at the upcoming Vibrant Summit in this regard.

Canada's John Baird, minister of foreign affairs and two other ministers, along with senior government officials have also confirmed participation at the summit. Sources said: “The Canada trade commissioner will sign an MoU with Gujarat government on behalf of various companies, for the development of key infrastructure projects at Dholera SIR. It will invest in developing roads and other basic infrastructure. The Canada Trade high commissioner will sign MoUs for Rs 60 billion of investments. Several Canadian companies are also keen to invest in defence manufacturing and other sectors.”

Government of India's DMICDC (Delhi Mumbai Industrial Corridor Development Corporation) has also committed to invest Rs 30 billion to boost the Dholera Special Investment Region (DSIR). DMICDC and Gujarat government have decided to form a new SPV to expedite the project. If sources are to be believed, MoUs worth more than Rs 500 billion are expected for investment in the Dholera SIR at the upcoming summit.

At the 2009 Vibrant summit, three investors had announced investments of Rs 1,000 billion, but they didn't materialise. Now, after DMICDC's direct involvement in the project, it is expected that the project will get a new lease of life.

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