Business | Investment
Corporate India plans $244b investments
Despite the global economic slowdown, capacity expansion plans of Indian corporates surged to Rs10.5 trillion ($244 billion) in the first six months of the current fiscal against Rs5.67 trillion in the same period last year, an industry lobby said.
- IANS
- Published: 23:21 August 17, 2008
New Delhi: Despite the global economic slowdown, capacity expansion plans of Indian corporates surged to Rs10.5 trillion ($244 billion) in the first six months of the current fiscal against Rs5.67 trillion in the same period last year, an industry lobby said.
According to the Associated Chamber of Commerce and Industry of India (Assocham), on state-wise investments, Maharashtra, followed by Andhra Pradesh and Orissa, were the most preferred destinations by the private players in the first half of 2008.
With industrialisation at a faster pace, Maharashtra topped the chart with investment commitments worth Rs1.2 trillion in sectors like power, real estate, automobiles, ports and shipping, Assocham president Sajjan Jindal said.
The biggest announcement was made by Tata Power at Rs250 billion to raise generation capacity from 2,368 MW to 12,861 MW for the next five years, followed by Reliance Industries for setting up semi conductors and other micro-technology units at an investment of Rs216.6 billion for the next 10 years.
Andhra Pradesh had a share of 10.11 per cent totalling Rs1.06 trillion. Companies like Reliance Industries, Hindujas Group, Videocon Industries and Gas Authority of India Ltd would invest in the state in the next five years.
Orissa emerged as the third most preferred destination with investment announcements worth Rs889.02 billion for the next two to five years.
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