The delegation organised by the Confederation of Indian Industry (CII) has participation from prominent Indian companies like Larson & Toubro, Godrej, Mahindra & Mahindra, Emcure pharmaceuticals, Ennore Coke, Forbes Marshall, ONGC Videsh, Apollo International and Continental Devices Indian.
Participation in the delegation comes from diverse sectors including manufacturing, agriculture, oil and gas, automobiles, healthcare, pharmaceuticals, and mining and minerals.
The visit, from July 6-13, has a strong focus on enhancing business and investment ties with Colombia and the two socialist countries, CII said in a statement.
"The multi-sector profile of the delegation is reflective of the growing interest of India Inc. to venture into the emerging markets of the region and establish their business footprints," the CII said.
In Colombia, the delegation will call on Carlos de Hart, Vice Minister of Entrepreneurial Development and Germán Arce, acting Finance Minister.
Scindia will also address a business seminar organised by the National Association of Industries, where more than 100 senior industry members from Colombia are expected to participate.
Colombia is emerging as an important focus country for Indian business. The total bilateral trade between India and Colombia stood at USD1.4 billion in 2010-11, with India's exports to Colombia amounting to USD0.55 billion and imports from Colombia amounting to USD0.85 billion.
"This visit is expected to give the necessary impetus to bilateral trade and investment," the CII said.
In Venezuela, Scindia is scheduled to meet Venezuela's ministers of commerce, health, energy and industries.
Indian delegates will be meeting with Venezuelan companies from agriculture, infrastructure, oil and gas, pharmaceuticals, automobiles and other sectors in Caracas.
An investment seminar organized the Venezuelan Council for Investment Promotion will give the CII delegation the opportunity to understand the market.
Coming close after the visit of External Affairs Minister SM Krishna's to Cuba, this visit is reflective of the importance India attaches to its political and commercial ties with Cuba.
During the Cuba visit, the delegation led by Scindia is slated to visit Cuba's Vice President, Foreign Minister, Minister of Foreign Trade and Investment, and the Minister of Basic Industries.
Scindia is also scheduled to address Cuban and Indian business delegates at a business event organised by the Cuban Chamber of Commerce.