Germany expresses interest in investing in DMIC project

April 15, 2013

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Germany has expressed interest in investing in India’s ambitious $ 90 billion Delhi-Mumbai Industrial Corridor.

BERLIN: Germany has expressed interest in investing in India’s ambitious $ 90 billionDelhi-Mumbai Industrial Corridor (DMIC) after New Delhi made special presentation on the project to investors here.Although it initially started with the help of Japanese investment, the project is open to participation from other countries as well.Official sources said that India has made special presentation to the Germans that was spread over three days during Prime Minister Manmohan Singh’s visit here.This was part of New Delhi’s strategy to woo investment from Germany, which it terms as “major potential investor”.

Germany is Europe’s largest economy and a key state in the 27-nation European Union.

DMIC is aimed at creating mega industrial infrastructureBSE 2.62 % along the Delhi-Mumbai Rail Freight Corridor, which is under implementation.

Japan is giving financial and technical aid for the project, which will cover seven states totalling 1,483 km.

Seven National Manufacturing and Investment Zones ( NMIZs) have been notified along the DMIC. The project envisages development of world-class industrial townships on a public- private-partnership model.

Japan has committed to invest $ 4.5 billion in this project. The Union Cabinet had approved an expenditure of Rs 18,500 crore on development of infrastructure for the project.

Further, India has sought Germany’s cooperation in taking up a pilot project on skill development in the Delhi-Mumbai Industrial Corridor project.

The new corridor planned between Mumbai and Bangalore likewise also opens up interesting prospects for Indo-German cooperation.

http://economictimes.indiatimes.com