Cabinet approves "Invest India" for promotion of foreign investment

New Delhi, Sep 10 (ANI): The Union Cabinet today approved the proposal of the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry for the formation of a company 'Invest India' under Section 25 of the companies Act, 1956, for promotion of foreign investments during the XI Five Year Plan.

The proposed company which will be a joint venture between the Government of India, Federation of Indian Chambers of Commerce and Industry and the State Governments will be responsible for promoting Foreign investments into the country in a more focussed, comprehensive and structured manner.

It will assist the Government in its efforts towards projecting India as an attractive investment destination for foreign investors and the foreign investors in identifying and realizing investment opportunities in India. (ANI)