India seeks UAE investment for modernising its rail network

India will invest USD 140 billion to modernise its rail network over the next five years and is in talks with UAE-based sovereign wealth funds, Railways Minister Suresh Prabhu has said.

“Of the USD 140 billion we will be investing over the next five years, the majority will go towards India’s modernisation efforts, the introduction of new technologies, and increasing capacities,” Prabhu said.

He said his office has been in talks with UAE-based sovereign wealth funds this week, ‘Gulf News’ quoted him as saying.

“We have requested that the government of the UAE look at the huge potential for investment that lies in Indian infrastructure, particularly in the railways. They are very keen to know more about this,” Prabhu said.

(Agencies)

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