India expects $5 bn Canadian investment in road sector

TORONTO: India expects a big investment of $5 billion (around Rs 22,800 crore) from Canada in the country's road development programme over the next three to four years, Road Transport and Highways Minister Kamal Nath has said.

"I am looking at Canada looking beyond NAFTA," Nath said after meeting with top Canadian ministers and executives of financial institutions here yesterday.

"Canadian pension funds and financial institutions are actively consider participating in the National Highway Development Project (NHDP)," he added.

Nath said that of the $40 billion needed from the private sector for the road programme, about $10 billion is likely to come from foreign funds. "We expect $5 billion from Canada. The Indian government will put as many as nine mega projects up for bidding in the next two months."

"Both countries are working on a memorandum of understanding expected to be sign within three months that aims to facilitate transfer of Canadian know-how, technology with respect to highway management, road safety, vehicle safety, and private investment by high profile Canadian financial institutions," Nath said.

"I would like to foster partnership (between) India and Canada in infrastructure -- especially for high speed highways construction and management and railway networks; there is a very good opportunity for Canada and India," Nath said.

He met Canadian Industry Minister Tony Clement, Transport Minister John Baird and other top officials of the government.