“Japan has formally sent a letter to us. They have shown interest to take 26 per cent stake. We have forwarded a note to the Finance Ministry,” an official in the Department of Industrial Policy & Promotion (DIPP) said.
The DMIC project is being developed in collaboration with Japan as a manufacturing and trading hub, though Japanese participation did not involve equity holding till now.
Japan has shown its interest after the government decided to replace Infrastructure Development Finance Company (IDFC) and Infrastructure Leasing and Financial Services Ltd (IL&FS) in the DMICDC, the entity implementing the project. The two private players together hold a 51 per cent stake in the DMICDC, while the rest lies with the government.
Published 13 December 2011, 16:03 IST