Paris: The London-based Hinduja conglomerate has begun work on the $15 billion investment plan for India’s power sector that will result in generating 10,000 MW for the national electricity grid.
“These are the initial phases of a plan to develop, over the next few years, a pipeline of power projects aiming at a capacity of 10,000 MW. This means a total investment of some $15 billion,” the Hinduja Group head in France Nader Hakimi said.
However, President of the Hinduja Group of Companies Gopichand P. Hinduja said at the India-EU Business Summit that the Indian Government needs to pull up its socks for transparency and accountability in terms of clearing the mega projects.
“There should be a time limit for clearance of the projects and accountability be fixed for delays,” Hinduja said at the Summit, organised by the French industry chamber MEDEF, FICCI and CII here.
Hinduja said that the group with presence in 32 countries is committed to investing in India’s infrastructure sector.
“Our commitment is visible with our 1,000 MW power generation project in Andhra pradesh and a new 4,000 MW project in Tamil Nadu,” he said.
The projected investment in India’s infrastructure sector over a 10 year horizon is $1.5 trillion, which is equivalent to one and a half times of the country’s present GDP.
The government, which had earlier set up an 11th plan target of 78,577 MW additional capacity, has revised it to 90,000 MW new power generation by 2012.
With the crisis in the US and Europe, India offers a great opportunity for the global businesses.
“Clearing of nuclear deal by the US Congress will give a new confidence to invest in India,” Hinduja earlier said.
He further said that while the global economy is passing through a difficult phase, businesses would continue to be run.
“People who want to do business will go to India where the GDP growth is still 7-8%,” Hinduja said.
In his presentation to the European CEOs, Hakimi said: “India would be one of the world’s top five economies by 2025.
“When you ponder whether to go to India now or later, bear in mind that the opportunity is there to be grasped now. It is too precious to miss,” he added.