Indian companies to invest 15 bln dollars in Iran

Dubai, Apr 16: Indian companies are set to invest 15 billion dollars in Iran's energy, steel and aluminium sectors, Chairman of the Iranian Chamber of Commerce, Industries and Mines Ali-Naqi Khamushi said.

''Political tension between Iran and the West has made Iran's private sector shift focus from the West to the East on the economic fields,'' Mr Khamushi said in an interview with IRNA.

He said cooperation with the Eastern nations has great potential for Iran due to lack of political tensions between Iran and these countries.

Referring to his recent negotiations with Indian oil ministry officials, he said Iran and India are strongly interested in bilateral cooperation in the energy sector.

Mr Khamushi said Iran has found an Indian partner for setting up a 10 million tonne foundry plant in his country, without disclosing the details.

He also added that he had held discussions with another Indian company for setting up of a 250,000 to 500,000 tonne aluminium plant in Iran.

UNI