Government take steps to attract FDI in power sector: Shinde

The Indian government is taking steps to attract foreign direct investment (FDI) in the power sector serious to the country's financial growth Power Minister Sushil Kumar Shinde said Tuesday.

He said despite making provisions for 100 per cent FDI in the power sector under the Electricity Act, 2003, there was not much answer. Only two to three foreign investors come forward prior to his becoming minister. But now the government had taken steps to help instil assurance in foreign investors and see the sector grow, he added.

The minister was speaking here at the signing of a joint venture conformity to set up a 1,320 MW power project at Krishnapatnam in Nellore district of Andhra Pradesh. Singapore's Sembcorp signed the agreement with Gayatri Projects, a Hyderabad-based communications firm, to set up the super-critical thermal power plant. Shinde noted that this was the first FDI since he take over as the power minister four-and-half years ago.