Targetting investment from 1,000-odd cos including Tesla: Industry secy

Economy


India is targeting investments from around 1,000-odd companies including Tesla and there are many investment proposals in the offing, Department for Promotion of Industry and Internal Trade (DPIIT) secretary Guruprasad Mohapatra said Thursday.

“We are targeting around 1,000-odd companies based on their pronouncements in various fora. Tesla is one of them we are talking (to),” Mohapatra said at the Times Network India Economic Conclave.

“We are also looking at their individual interest, their India office setup, the MoUs they have signed. PLI (Production Linked Incentive Scheme) is one but outside PLI also, many investment proposals are in the offing and happening,” he said, addingthat there is no slackening of investments despite the Covid-19 pandemic and that all PLI schemes will be ready by April end.

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“On the contrary, we see a lot of excitement and participation,” he said, adding that DPIIT will launch a single window for all investment-related approvals on April 15.

At the same event, Department of Investment and Public Asset Management secretary Tuhin Kanta Pandey said the disinvestment process of oil marketing firm BPCL is expected to conclude by September-end.

The government is selling its entire 52.98% stake in BPCL for which Vedanta Group and private equity firms Apollo Global and I Squared Capital’s Indian unit Think Gas have put in an expression of interest.

“It (BPCL disinvestment) is moving on well and we hope to conclude in H1 (of 2021-22),” he said.

On the national carrier Air India’s privatisation, he said the process is on and it should happen in the next financial year and though things are subdued in the aviation industry due to the fresh wave of Covid-19, things should improve with vaccines roll-out.

The government’s FY22 disinvestment target is Rs1.75 lakh crore.

Terming NaBFID a game changer for the infra financing in the country, Financial Services Secretary Debasish Panda said the new Development Finance Institution should be operational in next 4-5 months.

“With the passage of the bill in both Houses of Parliament…it is soon going to become a law…It will be a statutory body which will be set up in a time span of 4-5 months,” Panda said, adding that head hunting for the right person for top-level positions would take some time.

The National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 to support the development of long-term non-recourse infrastructure financing in India, including development of the bonds and derivatives markets necessary for infrastructure financing was cleared by Parliament earlier in the day.



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