Mumbai: Spain, which has a strong industrial base in the automotive and infrastructure sectors has witnessed a five-fold increase in its investments in India in 2008 calender year.
“Spanish investment in India in the first three quarters of 2008 calender year was $158 million (or €114 million). This had increased by 500% from the previous year,” Chief Executive Officer of Interes ‘Invest in Spain´, Javier Sanz told reporters here.
“Our companies have been investing in India in the automotive and infrastructure segment. One of our firms, Caf (Construcciones y Auxiliar de Ferrocarriles SA), is working with Reliance on the Delhi metro project from the railway station to the airport,” Embassy of Spain, Economic & Commercial Counsellor, Teresa Solbes, said.
She added that the cost of the 22-kilometre project cost was about €670 million. Spanish fashion retail giant Zara too has shown keenness in investing in India, she added.
‘Invest in Spain´, a government agency for promotion and attraction of foreign investment in the European country, today met with 14 well-known Indian entrepreneurs to explore business opportunities between the two countries.
Infosys, Tata Consultancy Services, ICICI Bank, Essar Group, Navneet Publications, X L Telecom & Energy, Tata Motors, Kingfisher Airlines, Kalapuma Steel, Jupiter Infra Trade, Telcon, Wanbury Pharmaceuticals, Roha Dyechem, and ITNL IL&FS were part of the meet today.
Spain, which is seeking Indian investment in ICT, renewable energy, biotechnology, aerospace and logistics sectors, says Indian foreign investment in Spain has been fairly insignificant at €10.3 million.