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Power Minister invites US cos to invest in India

Power Minister invites US cos to invest in India

Power Minister Sushilkumar Shinde invited the US companies to invest in India's power sector. Addressing the US-India Economic Opportunities and Synergies Summit in Chicago organised by FICCI in association with The Executive Club of Chicago, Shinde said India offered lucrative investment opportunities in power sector and the US investors should come forward to benefit from that opportunity. During 2007-12, the funding requirement in Indian power sector has been estimated at $230 billion, he said.

Stating that the 12th Plan aims at capacity addition of nearly 1,00,000 MW with the similar investment requirement, he said that that such a gigantic task can be successful only with the strong support from the private sector.

Private sector's share in capacity expansion has gone up substantially in the 11th Plan, with 33 percent of the total incremental capacity expected to come from the private sector, he said. In the 12th Plan, this share is expected to further increase to about 50 percent. He said the government has liberalised norms to attract private investment, especially foreign direct investments, in power sector.

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