Power Minister R K Singh urges Saudi businesses to invest in India

Power Minister R K Singh urges Saudi businesses to invest in India

Union Minister R K Singh has urged investors in Saudi Arabia to invest in the domestic new and renewable energy industry, an official statement said on Tuesday.

The minister sought the investment while addressing a gathering of Saudi business personalities and investors in Saudi Arabia on Monday, Ministry of New and Renewable Energy (MNRE) said.

"India and Saudi Arabia have agreed to promote investments in each other's country in the new and renewable energy sector. Singh has invited them (Saudi business personalities and investors) to invest in India in the new and renewable energy sectors like solar energy, wind power, green hydrogen etc," it said.

Earlier in the day, the Union Minister for Power, and New and Renewable Energy held bilateral discussions with Saudi Minister of Investment H E Khalid Al-Falih.

All major business houses in Saudi Arabia, including ACWA Power, Alfanar, AWJ Energy, Almajdouie, Abdulkarim, Aljomaih Energy and Water Company, Kanoo Industrial & Energy, L&T, Nesma Renewable Energy, Petromin, NextGen Infra participated in the meet, the ministry said.

During the meet, INVEST India made a brief presentation on the power sector areas where Saudi Arabian business houses could potentially invest in India.

Investment opportunities in India in areas like RE generation projects, energy storage, electricity transmission and green hydrogen were highlighted during the meet. INVEST India is the National Investment Promotion and Facilitation agency that helps investors looking for investment opportunities and options in India.

On Sunday, India and Saudi Arabia inked an initial pact to collaborate in the field of electrical interconnections, green/clean hydrogen and supply chains.

The Memorandum of Understanding (MoU) aims to establish a general framework for cooperation between the two countries in the field of electrical interconnection and exchange of electricity during peak times and emergencies.