Tata Power invites Korean firms to invest in India's energy sector
06 Mar 2010
South Korean companies can take advantage of the rising demand in Indian energy sector by investing in the country, an executive of Tata Power Co, the biggest private electricity company in India, said yesterday.
At a forum organised by the Korea Trade-Investment Promotion Agency (KOTRA) in Seoul, Tata Power managing director Prasad Menon asked Korean companies to take note of the opportunities in India's renewable energy, solar power, hydraulic and nuclear power generation segments.
''Assuming India's economy sees an 8 per cent annual growth rate, the country will have to double its electricity capacity by 2017,'' South Korea's Yonhap news agency reported Menon as saying.
The forum was held as part of a visit by nine executives from seven of the largest Indian energy companies.
The Indian executives are scheduled to tour local energy plants and discuss ways to increase business between the two countries, KOTRA added.
In particular, the delegation said the Indian government plans to spend $500 billion over the next five years in developing its energy business infrastructure, adding it is highly-possible for South Korean firms to take part in the project.