Puducherry Home Minister A. Namassivayam said on Saturday that the state government expects French companies to invest a total of Rs 1000 crore in the Union Territory.

The Home Minister, speaking to the media after wrapping up a two-day meeting with a business group representing 86 French firms in Puducherry, said the government has made significant progress in providing a platform for companies to invest in the Union Territory.

"At least ten organisations have expressed a strong desire to launch their own businesses."  Namassivayam, who also manages the Industries portfolio, said, "We are expecting investments of 1000 crore." Only 28 of the 86 companies who brought representatives to the meeting are fully owned by French corporations with the remaining 58 collaborating with Indian enterprises, he said. Land allocation, speedier clearance, uninterruptible power supply, and water were among the demands made by the delegates.

In terms of land, he stated that abut 750 acres of the property bought for the establishment of the Sederapet Special Economic Zone would be used to create the industries. He said, the administration has already contacted the Ministry of Home Affairs for permission to use the site for industrial purposes.

"The meetings with the representatives were really fruitful. "The companies' investments will give job opportunities for hundreds of young people while also increasing government revenue," he said.

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