Industry & Economy
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SSI
Iran plumps for $500 m from Indian cos in SSI sector
Our Bureau
Mumbai
,
Feb. 25
IRAN expects Indian companies to invest about $500 million in small and medium sector in the Gulf country over the next five years, especially in steel, agro chemicals, machine tools and textiles.
Large companies including L&T, Reliance, Essar and Ispat have shown an interest in investing in Iran, Mr F. Entezari, Chairman, Iran Chambers of Commerce, Industries and Mines, said here.
Essar Steel plans to set up a Rs 600-crore project in Iran while Ispat plans to set up a 1-million tonne steel plant, Mr Entezari told reporters.
Representatives of Iranian companies met their Indian counterparts here on Thursday to pitch for higher investments and sign agreements for investing in Qeshem Island, a free trade zone three times the size of Bahrain, that has been developed for small and medium sized industries. Investments in Qeshem Island, where there are no visa restrictions, will be guaranteed by the Iranian Government, Mr Entazari said.
Iran has signed agreements with South Korea and Turkey, among other countries for investments in the small and medium scale units to be set up in Qeshem.
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