Hyderabad, Sep 2 (IANS) GMR Infrastructure Tuesday said it has signed a Memorandum of Understanding (MoU) with the Japan Bank for International Cooperation (JBIC) for giving financial assistance to Japanese companies investing in infrastructure projects of GMR Group.
The MoU was signed during the course of Prime Minister Narendra Modi’s ongoing state visit to Japan.
It aims to provide low cost-long duration financing for infrastructure development projects involving Japanese companies in development of industrial parks, power, energy, ports, airports, highways and railway projects, GMR said in a statement here.
“Over the next 12 months, GMR and JBIC will work on identifying projects to attract Japanese investments,” it added.
It is estimated that there is a requirement for investment of about $1 trillion in the infrastructure sector in India during the current 12th Five-Year Plan period (2012-2017).