The government today approved French power equipment maker Alstom's proposal to invest Rs 490 crore and form joint ventures with India's Bhart Forge for setting up manufacturing facility here.
The Cabinet Committee on Economic Affairs (CCEA) today gave approval to the proposal of Alstom to establish two joint venture companies with Bharat Forge for manufacturing supercritical and sub-critical power equipment in India, an official statement said.
The approval would result in foreign direct investment of 70.5 million euro (Rs 490 crore approximately) in the country.
Alstom Power Holdings of France, Alstom Technology of Switzerland and Alstom France had proposed to establish JV companies in India for manufacturing power equipment.