The China India Development Fund, an initiative of the Shanghai Entrepreneur Association, will invest a sum of $5 billion (over Rs.30,000 crore) in infrastructure development across India.
The SEA, which was established in 2008, has several leading Chinese companies as its members. It is also associated with a number of industry and trade bodies based in other provinces of China as well as overseas. The 100 core entrepreneurs of SEA have a combined net worth of $1,000 billion.
Out of the $5 billion that the CIDF plans to invest in infrastructure projects across the country, $1 billion has been earmarked for investment in Gujarat.
The SEA proposes to raise a total of $15 billion for the CIDF over a period of time for investment in Indian infrastructure projects.
At present, CIDF is keen to invest in roads and highways, transportation hubs, railways including high speed railways, ports, airports, wharf for passengers, containers and iron ore, construction of cities including satellite cities, building construction and development, industry and logistics zones, and other real estate ventures.
To implement projects under the CIDF, the SEA is now seeking to collaborate with reputed Indian companies having sound financial base, skilled manpower and expertise in infrastructure development.
The CIDF has the support of the China India Trade and Investment Centre, a non-governmental body set up with the objective of boosting economic relations between the two countries. CITIC has offices across India and China.
China has committed investment worth $20 billion in India over the next five years.