India eyes $100 bn foreign investment in nuclear power sector

India is hopeful of getting more than $100 billion worth of foreign investment in the nuclear power sector in the next two decades and a quarter of it would come from France, Commerce and Industry Minister Anand Sharma has said.

“In the coming two decades, India will see investments in excess of $100 billion in the nuclear power sector alone and I am sure that at least a quarter of these will come from France,” Sharma said, addressing the fourth India-France CEOs Forum here Monday.

The forum, comprising heads of leading businesses in France and India, was initiated by president Nicolas Sarkozy and prime minister Manmohan Singh in 2008 following Sarkozy’s state visit to India, signifying the growing bilateral commercial ties.
Sharma said France would play an important role in developing nuclear power facilities in India.

“In the energy sector, we greatly value our partnership with France, especially in the nuclear power sector where France is a global leader.”

Sharma said though over $14 billion worth of French investments in India were in the pipeline, it was not up to the potential. He urged French firms to enhance their business engagements with India.

“Given the strong position of French companies, the level of French investment in India is way below the potential. There are 800 French companies in India which engage over 80,000 people and we would like to see this growing in the coming years.”

Sharma, who also holds the textiles portfolio, invited French fashion design institutes to bring their best practices to India in partnership with indigenous lifestyles industry.

Referring to recent decision to allow 100 percent FDI in single brand retail, the minister hoped that French luxury goods companies will establish manufacturing bases in India.

“This will create a win-win situation as India has emerged as a huge market for luxury goods and establishment of manufacturing in India will provide maximum value,” he said.