|
Sarkaritel.com News and
Features-Corporate News
Hinduja Group proposes to invest $50 billion in India
New Delhi, January 28, 2008
The diversified Hinduja Group has said it plans to invest USD
50 billion in power, realty, auto, healthcare and oil and gas
projects in India, whose appetite for infrastructure funds is
pegged at USD 492 billion over the next five years.
"We have made a blueprint of investment of USD 50 billion
investment in India spread over 10 sectors in the next 4-5
years," Group's Global President G P Hinduja said in Davos.
The investments will also cover areas such as IT and various
other infrastructure sectors.
The proposed investment will meet nearly 10 percent of the
funds that New Delhi says it needs to prop up the country's
creaking infrastructure.
Hinduja, who was in Davos to participate in the World Economic
Forum's annual meeting, said: "In the power sector, the group
is setting up a 2,400 MW capacity power plant at Visakhapatnam
in Andhra Pradesh with super-critical technology, and proposes
to invest Rs 10,000-15,000 crore."
"In the next six months, we could divest 49 percent stake in
this power project, through IPO route unless we find a
strategic partner for the venture. However, we would keep 51
percent stake with us," he said.
"In the IT sector, the group is looking for acquisition of
suitable companies, and is open to acquiring good companies
whenever suitable opportunities emerge," he said.
He said the Hinduja Group has entered into a Joint Venture
"with Nissan and proposes to set up a Light Commercial Vehicle
(LCV) plant in the country."
"We have identified two states-Tamil Nadu and Andhra Pradesh.
Discussions are going on with both the states and location
will be decided where the government offers better terms and
conditions," Hinduja said.
In the health care sector, the Group has plans to invest two
to three billion US dollars for setting up a chain of
hospitals, clinics and medical cities in metros and second
tier cities," he said, adding that for this, the Group has
joined hands with Dubai World.
"In the real estate sector, the group has plans to invest
10-15 billion dollars within the next 2-3 year period," he
said, adding that the group has already acquired a land bank
of over 3,500 acres in metros like Mumbai, Hyderabad,
Bangalore and Chennai and investment would depend on how soon
authorities gave required clearances for land development.
Hinduja said the Group's tie up with state-run ONGC's overseas
arm ONGC Videsh Ltd to develop oil fields in Iran was on
track.
On apprehensions of sanctions for investment in Iran over
nuclear issue, he said: "This investment is as per the
international law and regulations and there is no threat of
any UN sanctions. Further, we have consulted with legal
advisers who have confirmed that energy sector is not covered
by the sanctions."
Hinduja, who met with Iranian and US political leaders in
Davos, said he believed that the nuclear issue could be
settled amicably.
To a question, he said: "Our investments in India would depend
how hurdles for investment in different regulated sectors are
removed by the government," adding that otherwise the Group
may consider investing in other Asian countries.
Hinduja also said he met with Finance Minister P Chidambaram,
Commerce Minister Kamal Nath and Civil Aviation Minister
Praful Patel at this Swiss resort, besides political leaders
of other countries.
Since India is moving towards high GDP growth, government
should remove hurdles in the way of private investments in
infrastructure sector, which requires billions of dollars
investment, he said.
The NRI industrialist also said that the group has proposed to
set up a 15 metric tonne capacity refinery at Kakinada in
Andhra Pradesh "with or without participation of other
companies" considering that ONGC has not got final approval so
far for this project.
For this, he said, the group has confirmed crude oil supply
agreements with Iran for the next 30 years.
E-Mail :
newseditor@sarkaritel.com
|
