 "NRI forms joint venture to attract Indian investment to US")
Satish Jha, chairman of the diversified The Jha Group (TJG) and a non-resident Indian (NRI), formed on Sunday a partnership with US-based investment firm Ashcroft Sullivan Economic Development Centers (ASEDC) to attract Indian investment to the United States and create job opportunities in areas such as New England and Baltimore. The new joint venture has been named Ashcroft Sullivan Jha
The overall objective of the joint venture aims to stimulate the US economy through job creation and capital investment in industrial projects through Indian companies. To facilitate this, certain EB-5 visas will be set aside for investors in regional centers designated by the US Citizenship and Immigration Services (USCIS) based on proposals for promoting economic growth.
"The principals of the new joint venture, Ashcroft Sullivan Jha, have set up offices in New Delhi and Goa and are planning to open offices in Kolkata, Hyderabad and Chandigarh to educate investors about green cards for immigrants from India through the EB-5 program," said Jha.
The joint venture will aim at investment in new commercial enterprises in designated areas of the United States which create or preserve at least 10 full-time jobs for US workers within two years (or under certain circumstances, within a reasonable time after the two-year period) of the immigrant investor's admission to the United States as a Conditional Permanent Resident, he added.
Jha said the company would be primarily servicing Indian investors seeking permanent residence or citizenship in the United States under the investors programme and are willing to invest in new commercial enterprises in designated areas of America.
Overseen by the USCIS, the US Immigrant Investor Program (EB-5) provides foreign nationals the opportunity to become conditional residents immediately after, and permanent residents within a period of two years, from making an investment of $1 million, or $500,000 in a designated targeted employment area.
The federally designated Ashcroft Sullivan Economic Development Centers' mission is to create new jobs in the Mid-Atlantic and New England regions, expanding economic productivity and help foreign entrepreneurs obtain permanent residency for themselves and their families.