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Glitnir Bank signs MoU with Bhilwara Group

— PHOTO: R. V. MOORTHY

TAPPING ENERGY: (from left) Awadh B. Giri, CEO, Bhilwari Energy, P. Chidambaram, Union Finance Minister, Arni Mathiesen, Iceland Finance Minister, and Bala Kamallakharan, Executive Director, Glitnir Bank, at an MoU signing function in New Delhi on Friday.

NEW DELHI: Expressing concern over global rise in prices of essential commodities, Finance Minister, P. Chidambaram, on Friday favoured making adjustments in domestic policies to contain inflation.

Welcoming a business delegation from Iceland at a function held here, the Finance Minister said there was universal concern over inflation mainly driven by high oil, commodity and food prices. He said that the rise in food prices was primarily due to increased use of corn in bio-fuel production.

Stating that the country’s highest priority was infrastructure, he said massive investments have been planned during the XI Plan. “Our infrastructure is good enough to support a growth rate of 5-6 per cent, but not adequate to support 8-9 per cent growth.

“The country has earmarked to invest $475 billion in infrastructure during the next Five Year Plan. The bulk of the amount will be raised within the country but foreign investment to the tune of $120-130 billion is also required,” he said.

Iceland’s Glitnir Bank signed a memorandum of understanding (MoU), in the presence of Mr. Chidambaram, with the Rs. 2,700-crore LNJ Bhilwara Group to set up geothermal power plants in India and Nepal.

The bank is also eyeing partnerships with Indian small and medium firms to foray into seafood and offshore rigs segments.

“We have signed the MoU to make a collaborative effort to explore and develop geothermal power in India and Nepal,” Glitnir Executive Director, Bala Kamallakharan, said.

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