Shinde invites Japan to invest in power sector

New Delhi, June 27: A high-powered delegation led by Union Power Minister Sushilkumar Shinde, currently on a visit to Japan, has called on Japanese investors to participate in the growth story of the Indian power sector.

During the wide-ranging discussions on bilateral cooperation in the power sector, the Minister called on Japanese Economy, Trade and Industry Minister Toshihiro Nikai and both agreed on the need to develop technology to exploit opportunities available under the Clean Development Mechanism (CDM), an official spokesperson said here.

Mr Nikai appreciated the reforms initiated in the power sector after enactment of the Electricity Act 2003 and said the sector provided good opportunities for Japanese industry.

It was also agreed to jointly initiate programmes under the aegis of the Asia Pacific Cooperation, in which both countries have a major role to play like the development of environmentally benign coal technologies.

Mr Shinde invited his Japanese counterpart to visit India for high-level talks to continue the ongoing dialogue and to explore areas of bilateral cooperation.

The Power Ministry also agreed to facilitate a meeting between the Japan Bank for International Cooperation (JBIC) representatives and Indian stakeholders, to be held in New Delhi next month, to ensure that the North Karanpura project is implemented in a fair and transparent manner.

JBIC officials, who called on Mr Shinde in Tokyo, sought an early resolution of the North Karanpura project. Reviewing activities of JBIC in India, Power Secretary R V Shahi told the JBIC delegation led by Deputy Governor Koji Tanami that NTPC, being one of the largest and best generating utilities in the world, was keen to have the best technology but at the same time there should be enough competing agencies.

Major Japanese financial institutions like the Sumitomo Mitsui Financial Group and Tokyo Mitsubishi UFJ Bank -- the largest bank in terms of assets and fourth largest bank in the world in market capitalisation -- also met Mr Shinde and evinced interest in participating in the ongoing ultra mega power projects programme.

Both parties noted the turnaround of the Indian power sector and hoped that the buoyancy in the finances of the power sector would continue to help towards the success of ultra mega power projects.

UNI