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New Delhi: Japan will provide financial assistance to two companies Toyota-Tsusho and Sumida for setting up a manufacturing base in India, a government source said. Toyota-Tsusho is a trading arm of the Toyota group and it is looking at investment in rare earths.

Sumida makes parts for auto, consumer electronics and industrial sectors.

The financial assistance will be provided under a Japanese government incentive to its companies that shift manufacturing bases out of China either back home or to India or Bangladesh.

Prime Minister Narendra Modi on Thursday met top officials of leading global sovereign wealth funds and pension funds including Japan Post Bank and Japan Bank for International Co-operation. He is likely to have a one-on-one meeting with some of these investors over the next two weeks. Financial assistance for these two entities has been conveyed to the Indian government following the virtual conference, the source said. ET had on September 14 reported that New Delhi had reached out to a host of Japanese companies.