Indian corporate interests intensify

• Another high-level biz delegation from CII due this Sunday

• $ 3.3 b Godrej’s Chairman Adi Godrej leading delegation

• Two Tata subsidiaries included
• High-level meetings scheduled

Interest by India’s corporate sector is intensifying with yet another high level business team due in Colombo this weekend.

The Confederation of Indian Industry (CII) delegation will consist of reps from well-known companies in various sectors including manufacturing, infrastructure, real estate, IT, power and energy, and FMCG.

The mission is led by one of the richest Indian industrialists (net worth around $ 9 b), Adi Godrej, Chairman of Godrej Industries. Godrej is a conglomerate with $ 3.3 b turnover.

The delegation includes reps from top Indian trading houses such as Shubh Shrivastava of Tata’s power arm Tata Power Co (Tata is the second ranked business house in India), Bajaj (well-known Indian automotive firm in all over South Asia with $ 2.1 b turnover), and Sunil Duggal, the CEO of the fourth-largest FMCG company in India, Dabur Ltd. David Peiris Motor Company has been representing Bajaj in Sri Lanka for the last 30 years. Dabur India Ltd. has already set up a BoI company in Sri Lanka and it is reliably understood that Dabur is planning another venture here.

Also in the CII delegation are Blue Star Ltd (India’s largest air-conditioning firm with $ 494 m turnover, Ennore Coke (part of the US$ 8 billion Shriram Group), TRF Limited’s Sudhir Deoras (TRF is part of the Tata Group of Companies in material handling), and Bhoruka Power Corporation, a leading renewable energy developer in India. Also in the delegation are Chandrajit Banerjee (Director General, Confederation of Indian Industry) and regional Directors of CII.

“We are encouraged by strong interest shown by the Indian corporate sector to invest in Sri Lanka. There is no doubt that the three-day visit of the top CII delegation beginning this weekend would enhance current business-to-business level links between the two countries,” said Minister of Industry and Commerce Rishad Bathiudeen yesterday.

Bathiudeen announced this upon learning of the high-powered Indian business team scheduled to arrive in Sri Lanka on Sunday, 18 November.

The previous high-powered Indian business delegation to arrive in Sri Lanka took part in India-Sri Lanka CEOs Forum held on 4 August in Colombo. The one-day forum was set up to develop a road map for increased cooperation and a mutually-beneficial economic partnership between the two countries.

The forum saw participation of top business leaders from India such as Sunil Bharti Mittal (India’s fifth largest dollar billionaire of Airtel fame), and companies such as Ashok Leyland, Taj Group, Bharat Hotels, NTPC Ltd. (largest State-owned power utility), Suzlon Energy, Indian Oil Corporation, State Bank of India, TVS Motor Co, Punj Lloyd, and Jubilant Life Sciences.