New Delhi, June 17: Prime Minister Narendra Modi’s outreach to the Indian diaspora to invest in their ancestral country has been bearing fruit with more FDI coming into India. In a significant development signalling renewed Indian-African business ties, Shrai Madhvani, promoter of the globally diversified Madhvani Group, has announced major investment plans for India.
Commending Prime Minister Modi’s visionary policies, such as Ease of Doing Business, Make in India, and the government’s pro-business outlook, Madhvani acknowledged that these initiatives played a vital role in the Group’s decision to invest in India.
Madhvani recalled Prime Minister Modi’s visit to Kampala (Uganda) in 2018, where the Prime Minister had encouraged the Madhvani Group to become a part of India’s growth story.
With ancestral roots in Gujarat, the Madhvani family shares a deep emotional and cultural connection with India. PM Modi, on his foreign visits, has been making it a point to interact with the Indian diaspora and encouraging them to invest in the country of their origin.
Madhvani, along with his family, met PM Modi over the weekend and informed him that the Group is exploring investments in India of up to Rs 10,000 crore over the next five years, which is expected to generate substantial employment and contribute to industrial growth.
During the meeting, Madhvani briefed the Prime Minister on the Group’s strategic entry into India through the acquisition of Hindustan National Glass & Industries Ltd. (HNGIL) — India’s largest container glass manufacturer, currently under insolvency proceedings since October 2021.
The acquisition is being undertaken through INSCO, a Madhvani Group company. The group also apprised the Prime Minister about the recent Supreme Court judgment, which cleared the legal path for INSCO to take over HNGIL, marking a major milestone for the Group’s entry into India.
The meeting with the Prime Minister marks not only a moment of strategic economic collaboration but also a celebration of enduring cultural and spiritual ties between India and the Madhvani Group, Madhvani said.
Madhvani also presented Prime Minister Modi with a book authored by his elder brother, Kamlesh Madhvani and father Manu Bhai Madhvani, both of whom have played foundational roles in the Group’s global success.
IANS