Goyal invites Japanese cos to invest in India's energy sector

Power and Coal Minister Piyush Goyal invited Japanese companies to invest in India's energy sector to help provide affordable electricity supply round the clock in the country. Piyush Goyal, who is here to take part in the India Japan Strategic Energy Dialogue, also said that companies and lenders in Japan have evinced interest in setting up big solar projects and setting up equipment manufacturing lines in India. "India offers a huge opportunity to the world. India is open to investments from around the world in order to help us serve our people with affordable energy access 24x7," Goyal told reporters here. He said that the country is also looking at engaging financiers and different financial institutions which are looking to finance major energy-related initiatives in India. Goyal said that "everybody realises that nowhere else in the world can they visualise that by 2030 energy production will quadruple and the sector offers opportunity of immense investments up to USD 250 billion by 2030 and the investment could be as high as 600 billion or a trillion dollars".

Stating it to be the first India Japan Strategic Dialogue after the BJP formed the government in the Centre, he said, "This time instead of Government to Government delegation comprising of different Ministers of Government of India, several public and private sector companies have come under the aegis of CII". Speaking about the meeting during the day, the minister said, "In all the round tables, the focus was the understanding that India was probably world's largest market today being the largest and fastest growing economy." Goyal said companies and lenders in Japan have evinced interest in setting up big solar projects and setting up equipment manufacturing lines in India. He said that the future ultra mega power projects that will be bid out by the Government also offer investment potential to the foreign firms.

The minister will meet various financiers including JICA, Nippon Exports and Insurance Investment and JBIC tomorrow which are looking to tap opportunities in Indian energy space.