New Delhi, 17 June (IANS). Prime Minister Narendra Modi had appealed to the overseas Indians to invest in their country, which is getting positive results. His initiative is increasing foreign investment (FDI) in India.
An important development, which strengthens trading relations between India and Africa, Madhwani Group’s promoter Shris Madhwani has announced a large investment plan in India.
Praising Prime Minister Modi’s visionary policies, such as ‘Ease of Doing Business’, ‘Make in India’ and the government’s business-supporting attitude, Madhwani said that these initiatives played an important role in the group’s decision to invest in India.
He recalled Prime Minister Modi’s Kampala visit to Uganda in the year 2018, where he encouraged Madhwani Group to be a part of India’s development saga. The Madhwani family has a deep emotional and cultural connection with India due to its ancestral relations with Gujarat.
During his foreign visits, Prime Minister Modi talks to Indian migrants and has been encouraging them to invest in their country.
After meeting Prime Minister Modi with his family, Madhwani told him that the group is exploring the possibility of investment of up to Rs 10,000 crore in India in the next five years, which is expected to get adequate employment generation and contribution to industrial development.
He told Prime Minister Modi that his group is entering India through the acquisition of Hindustan National Glass and Industries Limited (HNGIL). HNGIL is India’s largest container glass manufacturer, which is under the insolvency process since October 2021. This acquisition is being done through Group’s company INSCO.
The group told the Prime Minister about the recent Supreme Court’s decision, which cleared the legal way for HNGIL to acquire. This is a major step for the group to enter India.
He said that this meeting with the Prime Minister is not only a moment of strategic economic cooperation, but also a celebration of permanent cultural and spiritual relations between India and Madhwani Group.
He also presented a book written by his elder brother Kamlesh Madhwani and father Manu Bhai Madhwani to the Prime Minister.
-IANS
PSK/ABM
