Government plans joint venture company `Invest India' to promote foreign investment

The union cabinet on Thursday approved a proposal of the department of industrial policy and promotion under the ministry of commerce and industry for setting up a joint venture company 'Invest India' for promotion of foreign investments during the XI Plan.

The proposed company, to be set up under section 25 of the Companies Act, 1956, will be a joint venture between the central and state governments and the Federation of Indian Chambers of Commerce and Industry, an official release said.

The joint venture will be responsible for promoting foreign investments into the country in a more focused, 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 realising investment opportunities in India.