Gulf Islamic Investment to invest Rs. 3500 crores in Bengaluru in next three years
Dubai: In a big push to attract investments and boost trade, the Government of Karnataka has signed a Memorandum of Understanding with the Gulf Islamic Investment group.
The Group expressed interest and exchanged with Large and Medium Industries Minister Murugesh Nirani and IT&BT minister CN Ashwath Narayan on Monday at the Karnataka pavilion here at DubaiExpo 2020 event. The GII will open its office in Bengaluru to further strengthen Indo-UAE investment ties.
Gulf Islamic Investment (GII) is a leading UAE-based Sharia-compliant financial services firm with over $2 billion of assets under management. Minister Murugesh Nirani expressed happiness over the pact. “GII’s decision to foray into Karnataka and open its office in Bengaluru will further strengthen investment ties between India and UAE. Our state is an ideal place to make investments as we ensure ease of doing business and investor-friendly atmosphere. I’m sure that GII’s presence in Bengaluru will pave way for more investments, trade and creation of jobs,” Nirani said.
GII plans to invest USD 500 mn (INR 3,500 crore) in India in the next 3 years. The company is also planning collaborations with Indian startups to boost their Middle East expansion plans.
Expressing his happiness, Dr Aman Puri, Consul General of India, Dubai, termed Karnataka startup capital of Asia and added that Bengaluru is home to 40% of India’s unicorns. He said UAE is a big partner in India’s quest to become an US$ 5 trillion economy.
In a joint statement, Mr. Mohammed Alhassan and Mr. Pankaj Gupta, Founding Partners and Co-CEOs of Gulf Islamic Investments, said “We are delighted to officially announce our plans to establish a GII office in India’s technology capital of Bengaluru. India represents a prime investment destination for GII and this expansion demonstrates our commitment to future investments in the country’s burgeoning start-up and high-growth enterprise space. Given the success of our preliminary investment rounds through the India Growth Portfolio series, valued at over INR 1,000 Crores, we look forward to expanding our footprint in India and strategically contributing towards enhancing the India- UAE investment corridor”.
Minister Murugesh Nirani with his packed schedule met several business delegations and succeeded in convincing several companies to make investments in Karnataka. The LuLu group, Ducab and Electric Way among others promised to make investments in the state.
During the day Nirani also held B2G (Business-to-Government) meeting with Gaurav Khanna, Vice President, Group Corporate Finance & Business Development of DP World; Atheeqe Ansari CEO of Electric Way company, a leader in the region for distribution of cables, industrial lighting fixtures and electrical systems and Mohammad A. Al Qurashi, General Manager, Government Affairs, Ducab company which is a leader in the design & manufacture of copper, aluminium wire & cable products and also Sreenath P Reddy of Aster DM Heathcare.
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Mercury plunges in Kashmir after brief respite, Shopian freezes at minus 6.4 deg C
Srinagar (PTI): Night temperatures in Kashmir dropped several degrees below the freezing point, even as a thick layer of fog engulfed parts of the valley, with Srinagar recording a low of minus 4.1 degrees Celsius, officials said on Saturday.
Shopian was the coldest recorded place in Jammu and Kashmir as the mercury there settled at a low of minus 6.4 degrees Celsius, they said.
The mercury had on Thursday night settled above the freezing point at most places in the valley, providing huge relief to the residents from the biting cold conditions.
However, temperatures dropped across Kashmir on Friday night, bringing back the freezing cold, the officials said.
On the Friday night, the minimum temperature in Srinagar -- the summer capital of Jammu and Kashmir -- settled at minus 4.1 degrees Celsius, a sharp drop from 0.4 degrees Celsius the previous night, the officials said.
The gateway town to the valley, Qazigund, recorded a low of minus 4.2 degrees Celsius, while the mercury settled at minus 3.5 degrees Celsius in north Kashmir's Kupwara, and minus 0.2 degrees Celsius in south Kashmir's Kokernag, the officials said.
Pahalgam recorded a low of minus 4.4 degrees Celsius, while Gulmarg lodged minus 2.6 degrees Celsius and Konibal town in Pulwama district recorded minus 5.2 degrees Celsius, they said.
The meteorological department said the weather would remain generally cloudy but dry on December 6-7, and a brief spell of light snowfall at isolated places in the higher reaches of north and central Kashmir is likely on December 8.
