Ugandan conglomerate to invest ₹10,000cr in India by 2030
What's the story
Madhvani Group, a prominent Ugandan conglomerate with investments across Africa, the Middle East, as well as North America, has announced plans to invest ₹10,000 crore in India over the next five years.
The announcement was made by the group's promoter Shrai Madhvani during a meeting with Prime Minister Narendra Modi yesterday.
Economic impact
Proposed investment expected to boost India's industrial growth
Madhvani informed PM Modi about the group's many initiatives, including its acquisition bid for Hindustan National Glass & Industries Ltd (HNGIL), a leading container glass maker.
The proposed investment of up to ₹10,000 crore over five years is expected to create significant employment opportunities and also contribute to industrial growth in India.
Policy influence
Madhvani praises PM Modi's policies
Madhvani praised Modi's visionary policies like Ease of Doing Business and Make in India, saying they greatly influenced the group's decision to invest in the country.
"The prime minister welcomed the Madhvani Group's investment plans and assured full support for their ventures in India," a statement from the group said.
Company background
History of the group
Founded in 1914 by Muljibhai Madhvani, who migrated from Gujarat to Uganda, the Madhvani Group has a long history of diversified investments. The group's decision to invest ₹10,000 crore in India over the next five years marks a significant step in its global expansion strategy.