JBIC to own 26% of India Industrial Corridor project

JIJI

The Japan Bank for International Cooperation is set to own a 26 percent stake in the Indian development public corporation that will manage the Delhi-Mumbai Industrial Corridor project being promoted by Japan and India, the Ministry of Economy, Trade and Industry said Tuesday.

The project in the western part of the country includes the construction of a freight railway between New Delhi and Mumbai and industrial parks along the line.

When the Indian public corporation boosts its capital from 100 million rupees (¥140 million) to 1 billion rupees, probably by the end of this year, JBIC is expected to invest 260 million rupees.

The planned investment is based on an agreement reached at a Japan-India summit last year.

Dentsu buys into Taproot

Kyodo

Dentsu Inc. said Wednesday it will acquire a 51 percent equity stake in Taproot India Communication Private Ltd., a Mumbai-based advertising agency, and turn it into a wholly owned unit within five years. Taproot will come under the wing of the Dentsu India Group, adding local and multinational companies to Japan’s top advertising agency’s roster.