Hinduja Group looks to partner Gulf investors for India projects
13 April 2013
The UK-based $25 billion Hinduja Group plans to rope in Gulf investors, including UAE's sovereign wealth funds, as it increases investment in power and other infrastructure projects in India.
The Gulf News today reported that the Hinduja Group is in talks with UAE's sovereign wealth funds for partnership.
The Hindujas, meanwhile, is looking to exit their power and cable TV network businesses while doubling investment in the UAE to $200 million.
"We would like the major Gulf investors, including the sovereign wealth funds to invest with us in large projects where return on investment will be very high," Gulf News quoted Gopichand P Hinduja, co-chairman of the NRI group, as saying.
"India is a major growth story and we want to participate in this in a much bigger way. As much as $1 trillion spending in infrastructure development has been planned in India over the next few years," the newspaper quoted him as saying.
"We have a plan to develop 10,000 megawatts of power in India, for which we are ready to forge partnership with the Gulf's sovereign wealth funds, especially those of the UAE," Hinduja was quoted as saying.
It may be noted that the group is setting up Hinduja National Power Plant, a 1,040 MW thermal power project, in Andhra Pradesh, at a cost of about $1.65 billion. This is also the group's first green field power project.
G P Hinduja, the eldest of the four Hinduja brothers and head of the diversified group, is reported to have held talks with at least three sovereign wealth funds for possible equity partnership during his recent visit to the UAE.
The group has a big presence in India's automotive sector through Ashok Leyland, which makes commercial vehicles.
Hinduja Group, with an enterprise value of over $35 billion spread across 35 countries, has more than 72,000 employees and has a presence in sectors including oil and gas, power, automotive, trading, infrastructure, banking and financial services, real estate, healthcare, media and information technology.