Sahara India keen to come in 'a big way'
Dhaka, Apr 19 (bdnews24.com) – Indian business conglomerate Sahara
Group has made up its mind to hugely invest in Bangladesh amid high
expectation that its multi-million dollar schemes in low-cost
township, health and hospitality sectors would move the nation's
competitiveness to a new height.
Insiders say the group's chairman, Subrata Roy Sahara, with his roots
in Bikrampur near the capital, Dhaka, is expected to visit Bangladesh
later this month with a formal outline of his investment plan.
Sahara has reportedly finalised an initial plan of investing 80,000
crore rupees in five separate township schemes near Dhaka.
The group, which continues to hit news headlines for its passion for
backing Indian cricket and acquisition of an iconic hotel in London,
is attempting to expand its focus in sectors such as education,
retail, mining, oil exploration and banking.
Sahara bought the Grosvenor House Hotel in London in December 2010 for
$726 million. In 2004, the group was termed by the Time magazine as
'the second largest employer in India' after the Indian Railways.
It is a long-time sponsor of the Indian national cricket team but
recently said it was withdrawing that support because of differences
with the Board of Control for Cricket in India (BCCI).
Apart from eyeing Bangladesh for investment, the group has made its
effort to enter Africa with mining options.
But for now, Sahara Group is more inclined to go ahead with its Rs
80,000-crore township schemes in Bangladesh.
Several meetings have already been held between the group's
representatives and Bangladeshi officials while a concrete shape is
expected when a high-level delegation led by the group's chairman will
meet prime minister Sheikh Hasina during his planned visit.
The team has a plan to meet with Board of Investment executive
chairman and also with the public work and housing minister.
Initially, chairman Sahara was supposed to arrive in Dhaka on Apr 20
but the timing is being reset as the prime minister is not available
that time because of her trip abroad.
The group has already shown its interest in pouring money in modern
but low-cost township schemes during meetings with BoI, said a local
contact who preferred not to be named pending the group chairman's
official announcement sometime soon.
He said on Wednesday that the investment would be made under a new
company in Dhaka, and work is going ahead in full swing to make it
happen.
The group's representatives held several meetings with BoI, the latest
on Mar 11 when they discussed mainly how the investment could be made
and under which law and regulations, he said.
An official with knowledge of the planned investment told bdnews24.com
on Wednesday that Bangladesh's steady economic growth, investment
friendly environment and opportunity to contribute in low-income
housing with financing options and self reliant integrated townships
have attracted Sahara to come to Bangladesh.
"The chairman being an emotional gentleman with his roots to Bikrampur
helped our initiative to promote Sahara's investment in Bangladesh,"
he said.
"His 90-year-old mother has pushed him (the group chairman) to go
ahead with Bangladesh plans," the official said.
Earlier in a report, Times of India had quoted Sahara as saying that
Sahara India Pariwar would invest big time in Bangladesh.
"We are going into Bangladesh in a big way. I have finalised work of
Rs 80,000 crore," the Times of India quoted Sahara as saying.
"It is a country where we have lots to do. I have sent the proposal to
the Bangladesh PM for the New Dhaka project and hope to meet her," he
said.
The group said they just want "a sovereign guarantee" to pursue the
Bangladesh plan.
He said the group has already selected 40 sq kilometers of land, about
50 kilometres from Dhaka, to begin with.
"We will get the land, build our own structures and sell it," said the
chairman of the group, which has real estate assets worth Rs 85,000
crore.
It has earned fame by building a hill station in Maharashtra from
scratch--Aamby Valley.
Sahara Group has businesses in hospitality, real estate financial
services, mutual funds, life insurance, media, film production,
sports, information technology, healthcare, commodity sales and
services and consumer products.
http://bdnews24.com/details.php?id=222739&cid=2
------------------------------------
[Disclaimer: ALOCHONA Management is not liable for information contained in this message. The author takes full responsibility.]
To unsubscribe/subscribe, send request to alochona-owner@egroups.comYahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/alochona/
<*> Your email settings:
Individual Email | Traditional
<*> To change settings online go to:
http://groups.yahoo.com/group/alochona/join
(Yahoo! ID required)
<*> To change settings via email:
alochona-digest@yahoogroups.com
alochona-fullfeatured@yahoogroups.com
<*> To unsubscribe from this group, send an email to:
alochona-unsubscribe@yahoogroups.com
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/