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Foreign Investment in India on Rise
THE Infrastructure sector In India is no more closeted against private investments. In ■ bold policy initiative, the government of India has allowed private parties. including foreign ones, to invest in ft.
Apart from liberalisation, the government had to open up the capital-intensive infrastructure sector due to the resource crunch. Investors are lining up enthusiastically to share the benefits 1n an investment-friendly climate.
Private capital, particularly foreign, the government believes. will usher in state-of-the-art-tcchnology in steel, coal, power, oil exploration and telecommunications — all
open to private Investors — thereby improving the lives of the people.
Private investors will also get the opportunity to take part in the social development of India, which is out to make its mark in the global market after the liberalisation drive launched a year ago. The government, In its keenness to make investments profitable for foreign entrepreneurs, has also allowed 100 per cent equity in certain segments of the sector. This Is particularly true of power, where India needs foreign and private capital to meet the growing needs of a developing society. Curbs on repatriation of profits have been lifted, ensuring larger profit margins in business ventures.
The telecommunications segment has witnessed a surge of foreign investment proposals. After petroleum was opened up for foreign and private parties, telecommunications Is the second-most profitable field for Investors.
Big names In the international telecommunications in-
dustry, like Ericsson, Alcatel CIT, Fujitsu, NEC, Singapore Telecom and Hutchison Telecom of Hong Kong, are vying for a place In the Indian market. Some also have Indian collaborators. Moreover, many Indian industrialists wanting a stake in the Indian telecommunications market have joined hands with foreign firms to Improve their prospects.
The competition tn the placing of tenders for the manufacture of cellular telephones indicates how lucrative this segment is considered by Investors. The Department of Telecommunications (DoT) has invited tenders for services
ranging from digital exchanges and microwave systems to franchises for cellular operations In the four metropolitan citics and for paging in 28 other cities. It has also asked for E-Mail, Vfdcotext, Voice Mall and any other services an applicant might consider vi-abte.
DoT has also announced plans for an additional 7.5 million lines to the existing 5.8 million before the end of the Eighth Han. Il also aims to install 20 million lines in the next eight years.
Hydrocarbon sector was earlier thrown open to private Investors. Blds were Invited,
primarily for three refineries and the development of a few discovered oil fields. The government allows 26 per cent equity participation and the offer is on a round-the-year basis. Private and foreign investment have also been allowed tn small discovered oil and gas fields on a sharing basis. The government has, to begin with, Identified 28 such fields for private participation which will be offered on a collaboration basis. This is expected to bring in foreign exchange worth $ 1.3 to S 1.9 billton.
Indian entrepreneurs have come forward to invest in this sector. The Aditya Rida Group,
Reliance, Essar, Hindujas and British Gas are vying with each other to set up joint ventures with public sector oil companies like Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation. In joint ventures for the refineries, public sector units (PSUs) will have a stake of 26 per cent, the same as co-vcnturcrs. The remainder will be given to the public.
In the case of bidding for oil and natural gas exploration in India, 16 companies have entered the arena. They include Shell, Atlantic Richfield, AMOCO Albion and Pan Energy from the USA. Among Indian companies. Tatas and Hindustan Oil Exploration Corporation have entered the fray.
Power sector Is also offering a higher percentage of the profits. In this sector, the government has offered 100 per cent equity, removing the condition of 51 per cent equity for foreign investors. General Electric and Enron Power Corporation of the USA. Ecolite de France and other major companies are queueing up for the necessary clearance.
Steel, earlier a state monopoly industry, has been freed of restrictive clutches and private foreign Investors, like Japan's Mitsui Corporation, HW Hoogovens of the Netherlands and Butte International Systems of the USA have joined I (SCO's revamp bid by putting in their tenders.
Indian coal Industry does not want to be left behind. With the opening up of the coal industry, hitherto as state monopoly, the country to entering an era of total liberalise tion where competitive market mechanisms will awaken India to a better tomorrow. — India Update.