New Delhi: Iran on Wednesday invited India to set up power projects in the oil-rich nation as it is encouraging private investment in the sector.
According to a statement by FICCI, Iranian Minister for Power, Majid Namjoo said India's private corporate sector should step up its presence in Iran by taking advantage of the structural reforms that have recently seen privatisation of 100 energy-related companies.
Addressing a meeting organised by the industry body, Namjoo said the sanctions against Iran were directed at the government-level and had nothing to do with the private sector.
"We are paying greater attention to facilitating the private investments and that creates a big opportunity for Indian companies to step in," he said.
Iran's Ministry of Energy currently has cooperation agreements with 23 companies and it is trying to make its companies competitive in terms of prices and quality.
"It is here that we are looking for cooperation with India," he added.
The Iranian Minister was accompanied at the meeting by Ismail Mahsouli, Acting Minister for International Affairs, Mohammadreza Attarzadeh, Advisor to the Minister for Water Resources and Water Waste Management, Yousof Armoudli, Managing Director of Renewable Energy Organisation of Iran (SANA).
Ismail Mohseni Kabir, Deputy Head of Tavanir for Grid Planning and Development and Rezazadeh, Managing Director of Water Resources and Power Development Company and other senior officials from the government of Islamic Republic of Iran were also present at the meeting.
"Iran is a potential destination for investors wanting to participate in power generation projects, especially renewable energy," R V Kanoria, President of FICCI, said.