Hindujas begin work on USD 15 billion power plan in India

Prakash Chawla

Paris, Oct 1 (PTI) The London-based Hinduja conglomerate
has begun work on the 15-billion dollar investment plan for
India's power sector that will result in generating 10,000 MW
for the national electricity grid.

"These are the initial phases of a plan to develop, over
the next few years, a pipeline of power projects aiming at a
capacity of 10,000 MW...This means a total investment of some
15 billion dollars," the Hinduja Group head in France Nader
Hakimi said here Tuesday evening.

However, President of the Hinduja Group of Companies
Gopichand P. Hinduja said at the India-EU Business Summit that
the Indian Government needs to pull up its socks for
transparency and accountability in terms of clearing the mega
projects.

"There should be a time limit for clearance of the
projects and accountability be fixed for delays," Hinduja said
at the Summit, organised by the French industry chamber
MEDEF, FICCI and CII here.

Hinduja said the group with presence in 32 countries is
committed to investing in India's infrastructure sector.

"Our commitment is visible with our 1,000 MW power
generation project in Andhra pradesh and a new 4,000 MW
project in Tamil Nadu," he said.

The projected investment in India's infrastructure
sector over a 10-year horizon is 1.5 trillion dollars, which
is equivalent to one and a half times of the country's present
GDP.

The government, which had earlier set up an 11th Plan
target of 78,577 MW additional capacity, has revised it to
90,000 MW new power generation by 2012.

With the crisis in the U.S. and Europe, India offers a
great opportunity for the global businesses.

"Clearing of nuclear deal by the U.S. Congress will give
a new confidence to invest in India," Hinduja earlier told
PTI.

He said while the global economy is passing through a
difficult phase, businesses would continue to be run. "People
who want to do business will go to India where the GDP growth
is still 7-8 percent," Hinduja said.

In his presentation to the European CEOs, Hakimi said,
India would be one of the world's top five economies by 2025.
"When you ponder whether to go to India now or later, bear in
mind ...the opportunity is there to be grasped now. It is too
precious to miss," he said.