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Foreign investment in power sector continues
In the face of US sanctions Power Minister Kumaramangalam held a series of discussions with the World Bank about the prospective financing of power projects. In addition, companies from Australia, China and the US showed no sign of pulling out from their investment plans in power projects totalling over Rs 77, 000 crore. Kumaramangalam said there was no hint of any mutilateral lending agencies withdrawing support and even if they did, the system could accommodate the loss. An estimated Rs 4803 crore of foreign investment is expected to finance 23 per cent of the Rs 21,185 crore plan outlay.