Spanish investment up in India by 500 percent
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Mumbai: Investments in India by Spanish companies have increased five-fold to $158 million in 2008. Companies such as Navantia, Dragados, Grupo Roca and Mapfre have entered India during the past one-year, a senior Spanish government official said. "Many Spanish companies are present in sectors like infrastructure, insurance, auto components and port and many more are keen to enter the market as India's economy is quite promising," Javier Sanz, CEO, Invest in Spain told Economic Times. 'Invest in Spain' is a government agency for promotion and attraction of foreign investments in Spain. During the past one year, firms like Navantia (naval construction), Dragados (container terminal), Grupo Roca (Parryware), Gropo Antolin (auto components), Mapfre (insurance) Televent (urban infrastructure), Isolux (infrastructure), Cobra (infrastructure) and Indolink (consultancy) have set up shop in the country. "Spanish investments in India during the first three quarters of 2008 calendar year was $158 million. This had increased by 500 percent from the previous year," Sanz said. 'Invest in Spain' recently met with 14 Indian entrepreneurs to explore business opportunities between the two countries. "Our companies have been investing in India in the automotive and infrastructure segment. One of our firms, Caf (Constructions y Auxiliar de Ferrocarriles), is working with Reliance on the Delhi metro project from the railway station to the airport," Embassy of Spain Economic and Commercial Counsellor Teresa Solbes said. She added that the cost of the 22-km project cost was about 670 million euros. Spanish fashion retail giant Zara too has shown keenness to invest in India. Last week, Indian corporates like Infosys, Tata Consultancy Services, ICICI Bank, Essar Group, Navneet Publications, XL Telecom and Energy, Tata Motors and Kingfisher Airlines met Spanish delegates. Spain is seeking Indian investments in ICT, renewable energy, biotechnology, aerospace and logistics sectors. Indian foreign investment in Spain has been fairly insignificant at 10.3 million euros.

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