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Based in London, EBRD was established in 1991, after the fall of the Berlin Wall to foster the development of market economies in former communist, centrally planned countries. Unlike the World Bank or the International Monetary Fund, the EBRD is engaged in investing in private sector firms.
“There has already been good cooperation with Indian companies in the past. But given the size of the Indian private sector and its existing interest in EBRD countries of operations the cooperation should be much greater,” Chakrabarti said.
He has met leading Indian industrial and banking groups such as Mahindra & Mahindra, Reliance Industries, JSW, Tata and EXIM Bank and ICICI Bank in Mumbai.
India-EBRD investment has been especially strong in Russia at €562 million, followed by Turkey, at €75 million, and Romania, at €56 million. Broken down by industry, joint India-EBRD investment has been €526 million in financial institutions, and €280 million in industry, commerce and agribusiness, according to a statement issued by EBRD.
“India is an important source of foreign direct investment in the EBRD’s countries of operations. The cumulative value of joint India-EBRD investment since the EBRD started operations stood at €806.8 million as of 31 December 2012,” the release said.
Main investors have been Tata Group (automotive, tourism, IT), Mahindra Group (agricultural equipment), Reliance Industries (petrochemicals and oil products) and Indian Farmers Fertilizer Cooperative – IFFCO (chemicals).
