India invites foreign pension funds to invest in infrastructure sector

The government today invited foreign pension funds to participate in the infrastructure sector in the country.

"We are looking at bringing in foreign pension funds to pump in finance in India's infrastructure sector," Union Road Transport and Highways Minister Nitin Gadkari said at a CII event here.

The Centre has given an allocation of Rs 42,000 crore to the roads sector during the current financial year (2015-16).

The Minister said the government is expecting financing from these global pension and insurance funds at a lower interest rate.

He had earlier said that investments to the tune of Rs 10 trillion are expected in the highways and shipping sectors by 2019.

Speaking at the same event, Essar Oil chairman Prashant Ruia said: "A better redressal of the concerns of the Indian companies will ensure that the current investments begin to see light and this will provide necessary impetus to start re-looking and kick starting investment in infrastructure."

Meanwhile, on the road building target, Gadkari said, "We are doing 12 kms per day of road construction which will be scaled up to 30 kms per day after two years."

Besides, on the issue of land acquisition, Gadkari said: "This Land Acquisition Bill is not anti-farmers. It will create job opportunities in villages and small towns."