Ireland looks at power,infra JVs with Indian cos

Ireland is exploring joint ventures with Indian corporates especially in the power and infrastructure sectors to boost trade between both the countries.

Ireland is exploring joint ventures with Indian corporates especially in the power and infrastructure sectors to boost trade between both the countries. We want higher trade for dual benefits. We expect huge investment,mostly from Indian power and infrastructure companies… and at the same time Ireland too plans to invest in the companies which look attractive to us. We are already in talks with many corporates,especially from the power and infra sectors. Recently,we met the top officials of Tata Power and our talks are still on. Since it is one of the power majors of the world,it looks profitable to us and we want to cash in on it anyway, said Eamon Ryan,Minister for Communication,Energy and Natural Resources of Ireland.

As far as business opportunity in the power sector is concerned,the Irish government is looking at a trade of 400 million euros in the power sector only, Ryan told The Indian Express in Mumbai. When asked about the Tata Powers initiative,Ryan did not divulge any details,but said,Our talks with Tata Power are still in progress and they are at an informal stage. We have not yet finalised any concrete plan for any venture or deal.

Talking about the total investment plan,Ryan said,Ireland is looking ahead to invest around a billion euros in India in the next three years. It could be any sector,but the power and infrastructure sectors are our top priority. When asked about green economy he said,It is very difficult to differentiate the green issues. I think both the countries are similar on the green economy front. There is still scope for both the countries to improve in some way or the other.

Story continues below this ad

On the sustainable energy,Ryan said,The practices have been delivering significant savings to the Irish economy. Ireland government is hopeful that sustainable energy actions over the course of the next five years will deliver total savings worth 6 billion euros over their lifetime and it will support around ten thousand jobs every year.

It is green,innovative,knowledge-based and has the potential to set Ireland apart as a leading low-carbon economy in the world. The new economy will bring 6 billion euro we can save over the lifetime of this strategy, Ryan said. We also want to see the start of strong export-led growth in sustainable energy products and services. While the strategy is focused on the future,the delivery of it is very much based on action now,” Ryan said. In his two-day visit to India,Ryan will meet his Indian counterpart tomorrow and discuss all possibilities about mutual trade and practices. Besides,he will visit some some top educational institutions like the IIT in Delhi.