India to invite Chinese investment in $70-bn road programme

NEW DELHI: In a bid to attract foreign investment in the road building programme, Highways Minister C P Joshi is likely to invite Chinese investors to participate in the country's mega road projects, each entailing an investment of about Rs 4,900 crore (USD 1 billion).

Joshi is in China and would address the second Asia-Europe Meeting ( ASEM) of Transport Ministers at Chengdu, China, tomorrow.

"The government is serious on attracting foreign investment particularly in mega projects of about USD 1 billion (about Rs 4,900 crore) each and the Highways Minister Joshi would hold meetings with Chinese investors," a Road Ministry official said.

The Transport Ministry's flagship road building programme - National Highways Development Project (NHDP) envisages investment to the tune of USD 70 billion (about Rs 3 lakh crore) in the next five years.

About 60 per cent of that is likely to come from the private sector.

Joshi is also likely to urge investors for making green highways, roads that are build using the techniques with minimum harm to environment.

Besides, transport security, safety and modernisation of toll collection system are also likely to be discussed during the ASEM meeting.

ASEM Transport Ministers' meeting is a high-level dialogue between the transport sector partners in the two continents.

ASEM consists of 46 members countries. India has indicated its interest in ASEM by increasing its annual contribution to Asia Europe Foundation (ASEF) from USD 1 million to USD 1.20 million.