Japanese multinational Mitsubishi Corporation is evaluating several businesses in India to step up its investments here by at least ten times by 2019 to Canadian dollar three billion, Mitsubishi Corporation India CMD Masakazu Sakakida said here.
Talking to reporters on the sidelines of World Economic Forum summit, Sakakida said it is currently contemplating further investments in India’s fertilizer sector and a possible joint venture with an Indian partner that would invest abroad in gas export infrastructure.
India desperately needs more natural gas to fire its power and fertilizer plants as the country is betting on a manufacturing led economic growth while struggling with an energy shortfall. Mitsubishi has already announced Canadian dollar 450 million investments in a shale gas project in British Columbia. Its proposed overseas investment with an Indian partner could be in project for liquefying shale gas for transportation to India by sea.
“We have many natural resource assets in Australia, Indonesia and in North America. We would like to invest abroad with an Indian partner to bring natural resources to India,” said Sakakida.
The company’s investments in India is worth about $300 million now.
Mitsubishi Corporation’s Chairman of the Board Yorihiko Kojima said the company so far has 20 investments in India. “We want to invest more in India, but infrastructure is not adequate. Infrastructure is very important for investments,” said Kojima. The Japanese conglomerate has about 300 investments globally.
Sakakida said that the company’s investments in India mainly are in areas of automotive, infrastructure and in natural resources. The company would also like to participate in the industrial corridor projects and in power projects here.
Besides electric products and automobiles, Mitsubishi is present in India in a host of sectors including industrial machinery, elevators, textiles, food and general merchandise.