The Hindu Business Line : Coming soon: ‘Invest India’

New Delhi, April 12 A new company ‘Invest India’ would be set up to promote inward investments and provide ‘hand holding’ services to foreign investors scouting for investment opportunities in India, the Union Commerce and Industry Minister, Mr Kamal Nath, has said.

“This has been accepted in principle. We will go through the procedures of taking it to the Union Cabinet. It will be a joint venture company between the Department of Industrial Policy and Promotion (DIPP) and the Federation of Indian Chambers of Commerce and Industry (FICCI)”, Mr Nath said at a FICCI meeting on annual supplement to the Foreign Trade policy 2004-09, here on Saturday.

The Minister said that the new company would be managed by FICCI and funded by the Central Government. Mr Kamal Nath later told reporters that he expected the company to take off, in two months from now.

Official sources said that the proposed company would be a three-way joint venture between FICCI, DIPP and State investment promotion agencies. Besides promoting investments into India, the new company would guide foreign investors and “hand hold” them in Delhi and also in the States.

‘Invest India’ would assist implementation of all Foreign Investment Promotion Board-approved projects. Mr Harsh Pati Singhania, Senior Vice-President, FICCI, told Business Line that ‘Invest India’ would be a Section 25 company (not for profit organisation).

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