New Delhi: Cash-rich Indian companies are investing abroad. While talking in a gulf summit K V Kamath, non-executive Chairman of ICICI Bank and Infosys said that economic prosperity at home has given cash and confidence to Indian (emerging market) companies and many have been quick to make significant investments outside their shores.

Now, a SAIL-led consortium is bidding for copper and gold reserves in mineral-rich Afghanistan, the government said on Thursday.
    
Another consortium led by the same PSU has already been selected by the government of the war-torn country to develop its rich Hajigak iron ore mines.
    
"...after execution of the contract (Hajigak), the consortium would move ahead with exploration & geological studies...SAIL-led another consortium is also bidding for copper and gold reserves in Afghanistan," said an official statement, quoting Steel Minister Beni Prasad Verma.
    
Verma had met Afghanistan President Hamid Karzai on April 10 during his visit there and discussed various aspects of bilateral cooperation and mutual development.
    
SAIL-led consortium and Afghanistan government are likely to ink a final pact in May to develop Hajigak iron ore mines and set up steel and power plants there.
    
The consortium that also includes state-owned NMDC and RINL and private sector steel players JSW, JSW Ispat, JSPL, and Monnet Steel and Power has already won the mining rights for three blocks at Hajigak in November 2011, that are said to contain 1.28 billion tonnes of rich reserves.
    
The final agreement will entitle SAIL-led consortium Afisco (Afghan Iron and Steel Consortium) to explore, develop and exploit the Hajigak deposits.
    
After winning the bid in November, SAIL Chairman C S Verma had said the consortium plans to set up a 6.12 million tonne per annum steel plant, subject to Afghan government making available linkages for coking coal and limestone, an 800 MW power plant and build necessary infrastructure for USD 10.8 billion.
    
SAIL has 20 percent stake in Aifsco, while NMDC and RINL hold 18 percent each; private players JSW Steel and JSPL hold 16 percent each, while JSW Ispat and Monnet Ispat & Energy hold 8 percent and 4 percent, respectively.
    
Afghanistan and India on April 9 had signed a Memorandum of Understanding (MoU) for mutual cooperation in the area of iron and steel.
    
Verma termed the MoU as a significant measure aimed at strengthening ties with Afghanistan and boosting socio - economic restructuring of the country and termed it as "a measure of encouraging investments by public and private sector Indian companies in Afghan Iron and Steel and other allied sectors."
    
India has undertaken many projects in Afghanistan in the areas of hydro-electric power, power transmission, road construction, industry, telecom, information and broadcasting and capacity building.
    
Besides, according to an official statement, the Government is exploring the possibility of developing a new route from the port of Chah Bahar on the Gulf to Kandahar-Herat highway of Afghanistan leading to Central Asia which would boost trade in the region and guarantee benefits to all the stakeholders.

(JPN/Agencies)