Government in talks with 300 companies to attract US$ 62 billion investment

New Delhi: The government and its investment promotion agency, Invest India, are in talks with close to 300 companies - both Indian and foreign -to channelize investment of close to $62 billion (over Rs 4 lakh crore) into the country, which may help create over 17 lakh jobs.

With proposed investment of around $32 billion by Chinese companies, nearly half the flows being pursued are from China, a move that is expected to help cut the massive flow of imports from across the border, besides creating employment in the country, sources told TOI.

On top of the list is Sany, which may 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 in talks with the Haryana government for several realty projects with each planning to invest close to $5 billion. There are SAIC, which is in talks with GM to take over the Halol plant, Lifan Motors and Fosun Pharma. In number terms, India tops the list with over 70 projects as government pursues largely middle-rung companies. Over $3 billion investment has been tied up and around three lakh jobs likely to be created once they go on stream.

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 India footprint. Sources said some commitments have been made and more are expected in the coming months. Given the slowdown in China, investors are increasingly looking to India to not just meet the domestic requirement but even cater to demand in the region, including South East Asia.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.