The Government on Thursday gave its approval for constituting a joint venture company, Invest India, to promote the country as an investment destination for foreign companies.

“The proposed company will be a joint venture between the government of India, Federation of Indian Chambers of Commerce and Industry and the state governments,” an official statement said.

The decision was taken at a meeting of the union cabinet, chaired by the Prime Minister Manmohan Singh.

Invest India will be responsible for promoting foreign investments in a more focussed, comprehensive and structured manner, it added.

“It will assist the government towards projecting India as an attractive investment destination for foreign investors and the foreign investors in identifying and realizing investment opportunities in India,” the government said.

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