Energy companies not facing any challenge in securing funding: Pradhan

Indian energy companies are not facing any challenge in securing finances, Union Minister Dharmendra Pradhan said on Friday.

There are reports that some of the sovereign funds, including Norway's State Pension Fund, have decided not to invest or finance fossil fuel-based projects and businesses.

"There is no challenge...I have mentioned in speech that pension funds and other are keen," the oil minister said at BNEF Summit here. He was replying to a question that whether Indian energy firms are facing any challenges in getting funding.

"India's growing energy sector is attractive for foreign investors. It has repeatedly received funding from sovereign wealth funds, pension funds, long term strategic investors from western countries, Asian countries and Middle East," the minister said.

Pradhan also said that India is expected to get investments of over USD 75 billion in gas infrastructure in next 8 years.

India refineries have invested over Rs 30,000 crore for upgrading to BS-VI quality fuel production.

India will become USD 3 trillion economy this year, and aims to achieve a USD 5 trillion target in near future, the minister said.

To achieve this target India needs secure, affordable and sustainable energy to sustain high growth and energy access to 1.3 billion people, he said, adding it is important to tap every source of energy.