West Asia Pulls The Plug On Indian Power Projects

India Inc's effort to raise $6Bn. of funding from West Asian countries doesnt seem to be working.

According to a Central Govt. official,"After one & half year it's going nowhere with they not intrested in equity participation and Indian company's not interested in the interest rates demanded".

NTPC Ltd, National Hydroelectric Power Corp. Ltd, and Power Grid Corp. of India Ltd were targeting investments from West Asia backed by power ministry’s initiative to politically and economically engage these countries on PMO's direction.

The move would have ensured supply lines, especially . The initial focus was to attract investments from Saudi Arabia, Qatar, United Arab Emirates and Kuwait; Bahrain and Oman were to be targeted later.Each of the three companies was given an investment target of $2 billion.

However the SWFs of these nations have been busy with "better opportunities". Add to this a probable reluctance of these countries to expose themselves to Energy Demands (in their own investments) in current tight environment, has meant GoI's plans not working.

Read the article on Mint