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Encouraged by a pro-business government at the Centre, the Hinduja group is planning to invest a staggering $10 billion in India – especially in the infrastructure and defence sector.
Prakash Hinduja, Chairman of Hinduja group – Europe, said the group is keen to invest in distressed projects which are up for sale as it does not want to wait for 17 years to set up a greenfield project as happened with its power project in India. “We are also keen to participate in the defence sector as the government of India is encouraging make-in-India projects,” said he. But, Hinduja said, they will hold on to 51% stake in the joint venture as with its group police and do not mind setting up a separate JV in the defence technology company. The renewable energy company will be led by Shom Hinduja, son of Ashok Hinduja. The group has already identified three sites for solar projects, he said.
“We are just waiting for budget to see what’s on the table for investments by NRIs and groups like us. Once the government gives clarity on taxation in the budget, we will bring in our investments as we think India in the next big investment opportunity in the world as of now,” Hinduja said.
Hinduja said they would increase their participation in the corporate social responsibility projects. “We have given an offer to the state government take over all municipal hospitals in Mumbai but we have not heard from the government for the last three years,” said Ashok Hinduja, Chairman-India of the Hinduja group. “Given a chance, we would convert these hospitals into world class hospitals,” said he.
