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French firms to invest $10 bn in India in next 5 yrs : Sapin

 SAPIN

France’s Minister for Finance and Public Accounts Michel Sapin said French companies have been investing billions in India and he expects that they will invest over USD 10 billion in the next five years. French companies represent 10 per cent of solar capacity installed in India and by 2020-22, they could add additional capacities. Sapin said France is the third-biggest foreign investor in India with an investment stock of USD 20 billion and there are more than 400 French companies present in India with a consolidated turnover of over USD 20 billion.

France has directed French Development Agency to earmark 60 per cent of total financial outlay to India. The agency operates in 70 countries and provides finance for development. In 2014, it committed euro 8.1 billion across the globe for various projects.