German Chemical Firm Plans $1.5 Bn Investment in India, Says Goyal

COMMERCE AND INDUSTRY Minister Piyush Goyal on Saturday said a German company from the chemical sector has decided to invest $1.5 billion in India, and a state has identified land for the project.

- PRESS TRUST OF INDIA

Though the minister did not disclose the name of the company or the state, he said that the company's head is expected to meet the state's chief minister on Sunday.

"The company will have the allotment of land in his hand, and we will have a billion-and-a-half dollars of foreign direct investment coming into the country over the next 12 months," Goyal said at a session of the Union Internationale des Avocats (UIA) in New Delhi. The firm is looking for a parcel of land, which is about 250 acres near a port.