Foreign universities set aside investments for India

A day after the Cabinet approved setting up of foreign universities in India, CNBC-TV18's Kritika Saxena learns that universities have not only sent their representatives to discuss details with the government but also set aside investment for India.

Sources say significant investment is expected from leading institutes like Harvard, Oxford, Wharton, and Columbia. Harvard is expected to shell out USD 60 million for India, Oxford USD 60 million, and Wharton USD 50 million.

Representatives from leading foreign universities are here to discuss details with the government. Universities wary of regulations post clearance by Parliament.

The Cabinet had approved foreign direct investment in education in India on Monday. The Bill is to be presented in Parliament shortly.

When contacted, a Harvard spokesperson says they are waiting for Parliament clearance to carry out investment. "We expect to invest significantly in India and are hopeful about discussions with the Indian government."

While a spokesperson for Oxford confirmed that the university has set aside investment for India. "We will go through the tie-up route initially. We cannot carry out details till the Parliament arrives at a decision."