TEHRAN: A delegation of 14 Indian energy and petrochemical companies is in Tehran to explore investment opportunity in Iran after removal of sanctions on the Islamic Republic’s economy.
Suzlon Group, one of the world’s leading wind turbine manufacturers and the largest one in India, desires to make joint venture with Iran or supply the country with technical knowledge and equipment for launching wind farms.
Suzlon’s senior representative said Iran enjoys noticeable potentialities for generation of electricity from wind and solar powers; adding that the group is ready to cooperate with Iran in building wind power plants in the country.
Iranian President Hassan Rouhani has asked India to invest in infrastructure projects worth $8 billion, including an expanded role in developing Chabahar Port in southeast Iran that will open up access to Central Asia, the Economic Times reported on July 18.
India and Iran agreed in 2003 to develop Chabahar on the Gulf of Oman, near Iran’s border with Pakistan, but the venture has moved slowly because of the sanctions over Iran’s nuclear program.
The two countries maintained a close relationship despite the US-led trade restrictions that halved their oil trade to 220,000 barrels per day last year.
India was the 4th leading importer of Iranian non-oil goods in the previous Iranian calendar year, which ended on March 20, 2015, according to the Iran Customs Administration.
Iran exported $2.441 billion of non-oil goods to India and imported $3.729 billion of non-oil goods from the country.
India also maintained its rank as the 4th leading importer of Iranian non-oil goods in spring 2015, which corresponds to the first quarter of the current Iranian calendar year. Iran exported $729.449 million of non-oil goods to India and imported $635,669 million of non-oil goods from the country in spring.
Foreign firms are racing to secure business opportunities in Iran after Iran and the P5+1 group of countries reached an agreement over Tehran’s nuclear program in the Austrian capital of Vienna on July 14.
