Skip to main content

Govt identifies 150 cos as potential investors for FD

To Meet Top Mgmt Of These Cos To Set Up Shop In India.

After a high deci bel `Make in India' pitch, the government has now turned to a more targeted approach to boost foreign direct invest ment (FDI) inflows.

In a first, the departmen of industrial policy and pro of industrial policy and pro motion (DIPP), along with In vest India, has identified 150 companies as potential inves tors and is meeting their top management teams individu ally as it seeks to ensure tha FDI inflows rise for the fourth straight year.

The idea is to tap companies looking to set up shop in India or are eyeing expansion. Re cently , a team led by DIPP secre tary Ramesh Abhishek met Fi at Chrysler COO Alfredo Alta villa in Italy to address the com pany's concerns. Similarly there has been a fresh outreach to Italian chocolatier Ferrero the maker of Ferrero Rocher which decided to set up a plan in China to cater to demand in Japan and Korea after its run ins with the Food Safety and Standards Authority of India.

“Invest India has lined up in vestment of close to $40 billion and we are working to ensure al this flows into the country ,“ said an officer. The list includes Dali an Wanda Group, China's lar gest commercial property com pany and the world's largest ci nema chain operator, which is looking to invest around $10 bil lion. Then there is Lotte, the conglomerate from South Korea, which has evinced interest in development of railway stations and tourism.

There is a third set, where companies had planned to in vest in the country but deferred their plans due to regulatory hurdles. In these cases, the department is seeking to get the government agency or the state concerned to address the problem, said officers working on implementing the new strategy .

For instance, a Chinese company was not getting safety clearance for a gas pipeli ne which was connected to its plant. The issue was sorted out soon after the government took up the issue with the Petroleum and Explosives Safety Organisation.

“Often the complaints are minor such as connectivity to the ports or VAT refunds and once the issue is taken up with the agency concerned, the problem is sorted out and investors feel comfortable to invest,“ said an officer.

Sources said that there is a mechanism to deal with complaints from Japanese compa nies and a fast-track system has also been put up for German firms.

The new strategy to seek investment -which some are calling Make in India 2.0 -is also focusing on a country-specific pitch, especially to medium-scale enterprises. The move follows the success of the Make In India Mittelstand (MIIM) programme, which has so far garnered investments of around 500 million euros. Next up are similar investment pitches to companies in Italy and South Korea, said sources.

The Times Of India, New Delhi, 03 october 2016

Comments

Popular posts from this blog

Credit card spending growth declines on RBI gaze, stress build-up

  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the...

SFBs should be vigilant, proactive to mitigate risks: RBI deputy guv

  The Reserve Bank of India’s Deputy Governor Swaminathan J on Friday instructed the directors of small finance banks (SFBs) to be vigilant and proactive in identifying emerging risks in the sector.Speaking at a conference for directors on the boards of SFBs, Swaminathan highlighted the role of governance in guiding SFBs towards sustainable growth with stability. He also emphasised the importance of sustainable business models.Additionally, he highlighted the need for strengthening cybersecurity to protect the entities against digital threats and urged for a stronger focus on financial inclusion, customer service, and grievance redressal to ensure a broader reach of banking services.Executive Directors S C Murmu, Rohit Jain, and R L K Rao, along with other senior officials representing the Supervision, Regulation, and Enforcement Departments of the RBI, also participated in the conference.   -  Business Standard  30 th  September, 2024

Brigade Hotel Ventures files draft papers with Sebi for Rs 900 crore IPO

  Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed draft papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO).The proposed IPO is entirely a fresh issue of equity shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP).Proceeds from the issue to the tune of Rs 481 crore will go towards payment of debt, Rs 412 crore will be allocated to the company and Rs 69 crore to its material subsidiary, SRP Prosperita Hotel Ventures Ltd.Additionally, Rs 107.52 crore will be used to purchase an undivided share of land from the Promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.The company may raise up to Rs 180 crore through a Pre-IPO Placement.   If the placement is undertaken, the issue size will be reduced.Brigade Hotel Ventures Ltd is a wholly-owned subsidiary of Brigade Enterprises ...