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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PBKS beat GT by three wickets in IPL match
Mullanpur (PTI): Cooper Connolly slammed a fine unbeaten fifty as Punjab Kings defeated Gujarat Titans by three wickets in their opening Indian Premier League match here on Tuesday.
A disciplined bowling effort helped PBKS restrict former champions GT to 162 for six with Vijaykumar Vyshak (3/34), Yuzvendra Chahal (2/28) and Marco Jansen (1/20) sharing the wickets after PBKS opted to bowl.
For GT, skipper Shubman Gill (39), Jos Buttler (38), Glenn Phillips (25) and Washington Sundar (18) scored bulk of the runs.
In reply, PBKS reached the target in 19.1 overs with Connolly (72 not out off 44 balls) emerging as the highest scorer.
Prasidh Krishna (3/29), Rashid Khan (1/29) and Washington Sundar (1/27) were among the wickets for GT.
Brief Scores:
Gujarat Titans: 162 for 6 in 20 overs (Shubman Gill 39; Vijaykumar Vyshak 3/34, Yuzvendra Chahal 2/28).
Punjab Kings: 165 for 7 in 19.1 overs (Cooper Connolly 72; Prasidh Krishna 3/29).
