India assures UAE on addressing investment issues of Etisalat, DP World and EMAAR

BANGALORE: India today assured the UAE that it would address and protect the interest of Etisalat, DP World and EMAAR, who are mired in problems related to their investments in the country.

In his bilateral meeting with UAE Minister of Economy, Sultan bin Sayeed Al Mansouri, Commerce and Industry Anand Sharma said: "We will do the best under the circumstances to protect the legal interests of the UAE investors, without violating any judicial orders".

Both are here for the Partnership Summit 2014. UAE companies that are facing issues in India with regard to their investments include telecom firm Etisalat, marine terminals developer DP World, Emaar (realty) and TAQA (energy).

"Sharma assured the UAE that India is addressing legacy issues faced by Etisalat, TAQA, DP World, EMAAR etc," an official statement said.

Following a Supreme Court order cancelling its 13 telecom licences, Etisalat exited from India operations and has sought refund of the licence fee as well as bank guarantees.

The total trade between India and UAE crossed $75 billion in 2012-2013.

Meanwhile, Sharma also met Zimbabwe's Industry and Commerce Minister M C Bimha here today and discussed ways to enhance trade and investment between the countries.

"Sharma put forward his views on cooperation in agro and food processing sector, gems and jewellery, lines of credit and various capacity building programmes," the statement said.

The Indian minister was also briefed him about the current status of $750 million iron ore deal between Essar and the Government of Zimbabwe.

"Early satisfactory resolution of the pending issues would encourage other investors, especially from India to invest in mining and other sectors in Zimbabwe," the statement quoting Sharma said.

Both the sides also agreed to finalise a long term agreement on supply of rough diamonds and establishment of a diamond cutting and polishing institute in Botswana.

India, in September 2012, approved a Line of Credit worth $28.6 million for up-gradation of Deka Pumping Station and the River Water Intake System in Zimbabwe.