UK to invest in India's infrastructure sector

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SME Times News Bureau | 15 Jan, 2011
Britain is set to make a renewed pitch for making greater investment in India's infrastructure sector which requires $1-2 trillion over the next few years when British Business Minister Vince Cable comes in New Delhi on a three-day visit next week.

Accompanied by a large business delegation that will include top corporate honchos representing leading British companies like Agusta Westland, BAE Systems, Intelligent Energy, and Rolls Royce, Cable will begin his visit to India from its financial capital Mumbai Monday. He is Britain's secretary of state (minister) for business, innovation and skills.

He will call on Maharashtra Chief Minister Prithviraj Chavan and State Bank of India chairman O.P. Bhatt. He will attend a meeting of top industrialists at an event co-hosted by the Confederation of Indian Industries (CII), where he will speak on globalisation and the role of emerging markets in world trade.

Cable will also attend an event that will launch the Indian subsidiary of Smiths Medical International, a leading global manufacturer and supplier of medical equipment, the British high commission said in a statement here.

In Delhi, Cable will co-chair the annual meeting of the UK-India Joint Economic and Trade Committee (JETCO) with Commerce Minister Anand Sharma Wednesday.

The accent will be on scaling up British investment in infrastructure sector which could require $1-2 trillion in the next few years. Cable will be present to witness the launch of the British India Infrastructure Group (BIIG) and hold meetings with Road Transport and Highways Minister Kamal Nath. An agreement between British companies and the National Highways Authority of India is expected to be signed.

He will also meet Corporate and Minority Affairs Minister Salman Khurshid.

Cable's visit comes at a time when Britain is betting on the high economic growth of emerging markets like India to boost its own economy. Around 3,000 British companies are planning investments in India, a British official said.