Hinduja Group proposes to invest $50 bn in India
Hinduja Group has said it plans to invest $50 billion in power, realty, auto, healthcare and oil and gas projects in India. CEOs of Indian Origin | Ways to become biz mentor
By PTI |
DAVOS: The diversified Hinduja Group on Sunday said it plans to invest $50 billion in power, realty, auto, healthcare and oil and gas projects in India, whose appetite for infrastructure funds is pegged at $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 here.
The investments will also cover areas such as IT and various other infrastructure sectors. The proposed investment will meet nearly 10 per cent 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 per cent stake in this power project, through IPO route unless we find a strategic partner for the venture. However, we would keep 51 per cent 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.
"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 here.
The investments will also cover areas such as IT and various other infrastructure sectors. The proposed investment will meet nearly 10 per cent 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 per cent stake in this power project, through IPO route unless we find a strategic partner for the venture. However, we would keep 51 per cent 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.
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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.
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"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 here, 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 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 here, 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.
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