The government is expecting investment to the tune of ₹1,000 crore by French companies in the Union Territory, Minister for Home A. Namassivayam said on Saturday.
Addressing media after winding up a two-day discussion with a business delegation representing 86 French companies in Puducherry, the Home Minister said the government has made much progress in providing a platform to the companies to make investments in the Union Territory.
“At least 10 companies have now shown keen interest to start business ventures. We are expecting investments to the tune of ₹1,000 crore,” Mr. Namassivayam, who also holds the Industries portfolio, said.
Of the 86 companies who sent representatives for the discussion, he said only 28 are fully-owned French companies and remaining 58 have collaborations with Indian firms. The representatives wanted the government to put in place mechanism for land allocation, faster clearance, uninterrupted power supply, and water.
As for the availability of land, he said around 750 acres of the land acquired for establishing Special Economic Zone at Sederapet would be utilised for setting up the industries. The government had already approached the Ministry of Home Affairs for its nod to utilise the land for industrial activity, he said.
“The meetings with representatives have been very productive. The investments by the companies will provide opportunity for hundreds of youth to get job and also improve government revenue,” he noted.
The two-day meeting was held in partnership with Indo-French Chamber of Commerce and Industry (IFCCI), French Consulate and Government of Puducherry. Consul General of France Lise Talbot Barre and Secretary, Industries T. Arun were present during the meet.
Some of the French companies which sent their delegation for the meeting included Archetype, Bachy Soletanche, Boost My Shop, Citelum, Orange Business Services, Manureva Novares, Saint-Gobain and Poclain Hydraulics.
Yohann Samuel, Regional Director, IFFCI South, in a release said, “We are now eager to work with the Puducherry government to see how we can further showcase and strengthen the industrial growth of UT. Puducherry has always been an attractive place for French establishments due to its historical links to France.”
The Puducherry government has ambitious plans towards fostering industrial growth in the Union Territory. “The industrial policy of government is well structured and comprehensively aimed at ensuring overall growth,” the release said.