Mastercard to invest $1 bn in India, plans to make country global tech node

Source: Business Standard, May 06, 2019

New Delhi: Global card payments major MasterCard Monday said it will invest USD 1 billion (about Rs 7,000 crore) in

India in the next five years and plans to make the country a global technology node for its platforms.

The company has already invested USD 1 billion in the Indian market in the last five years.

“Over the last five years, we invested about USD 1 billion in India. Given our increasing confidence in the Indian economy, where it is likely to be over the coming decade, we are stepping up on our investment commitment in India. We are committing another USD 1 billion into India (for next five years),” Ari Sarker, co-president, Asia Pacific, MasterCard said in an interaction here.

The most crucial thing about this investment is that Mastercard is building India as a global technology node for its global platforms, he said.

This investment will help foster innovation and increase Mastercard’s speed-to-market capabilities and value-added services. Read the rest of this entry »

PE/VC investments in AI space grows five-fold to $359 million in FY19

Source: Business Standard, Apr 14, 2019

Chennai: Private equity/venture capital investments in the Artificial Intelligence (AI) segment in the country grew over fivefold in 2018-19, to $359 million (nearly Rs 25,000 crore) from $63 mn (Rs 440 crore) in FY18.

Led by one of $140 million in September 2018 by Mithril Capital, Blume Ventures, Tiger Global and others into Grey Orange Robotics. According to data from research firm Venture Intelligence, there were 38 such deals in FY19, compared to 25 the previous year. In 2016-17, investment into AI totalled $50 million via 19 deals; the year before, $51 million in 13 deals. Read the rest of this entry »

Indian firms’ foreign investment rises 18% to $2.69 billion in March

Source: Financial Express, Apr 11, 2019

Foreign investment of Indian companies grew 18 per cent to USD 2.69 billion in March as compared to the year-ago period, according to an RBI data.

The domestic firms made investment of USD 2.28 billion in their subsidiaries and wholly-owned units abroad during March 2018.

In February 2019, the investment by Indian firms stood at USD 1.71 billion, the Reserve Bank data on outward foreign direct investment showed.

Of the total investment overseas in March this year, USD 1.68 billion was in the form of loan, USD 564.97 million as equity while the rest USD 443.71 million was in the form of issuance of guarantee.

Major investors included Tata Steel, which pumped USD 1.15 billion in a subsidiary in Singapore. This was followed by JSW Cement (USD 82 million in a wholly-owned subsidiary in the UAE) and ONGC Videsh Ltd (USD 70.37 million in various joint ventures in Myanmar, Russia and Vietnam).

EverSource Capital to invest $1 billion in India’s renewable energy sector

Source: LiveMint.com, Mar 25, 2019

Mumbai: EverSource Capital, the joint venture between private equity firm Everstone Capital and global solar project developer Lightsource BP, is looking to invest over $1 billion in renewable energy investments through its Green Growth Equity Fund, said a senior company executive.The National Investments and Infrastructure Fund (NIIF) of India and the UK government are anchor investors in Green Growth Equity Fund.

“We have done the anchor close. UK’s DFID and NIIF and, we as GP (general partner), have committed significant capital. So, we are at $340-350 million, and close to 50% of our target. We have now started the process to reach out to investors both in India and outside of India. The target is to raise around $700 million,” said Dhanpal Jhaveri, managing partner, Everstone Capital and chief executive officer (CEO), EverSource Capital.

This platform will have a minimum commitment of a billion dollars, through the fund and through co-investments, Jhaveri added. Read the rest of this entry »

Mukesh Ambani’s Reliance Industries to invest Rs 10,000 crore in West Bengal

Source: Financial Express, Feb 08, 2019

Reliance Industries (RIL) chairman Mukesh Ambani on Thursday said that West Bengal should go for a digital drive to lead the fourth industrial revolution with Reliance Jio already making one tenth of its total investment in the state in the digital space.

Speaking at the 5th edition of the Bengal Global Business Summit(BGBS), Ambani said Reliance Jio’s investment stands at Rs 28,000 crore in the state, one tenth of the total investment it has so far done in the digital space. “Now we have firmed up our plan for a further investment of over Rs 10,000 crore. This plan is already under implementation,” Ambani said.

On the first day of the BGBS, West Bengal got fresh investment commitment of around Rs 43,050 crore including Rs 10,000 crore investment commitment from Reliance Jio, Rs 15,000 crore investment commitment from Great Eastern Energy Corporation (GEECL) for extracting shale gas, Rs 7,500 crore from Sajjan Jindal-run JSW Group to implement a 1000-MW pump storage project, Rs 2, 000 crore by H Energy for laying gas pipeline, Rs 1,700 crore by ITC for setting up a personal care manufacturing facility, Rs 500 crore by Coca Cola for setting up another facility in North Bengal, Rs 3,000 crore by DP World for starting project work on the long talked Kulpi Port and Rs 350 crore by the Makaibari Tea Garden director, Rudra Chatterjee to set up health city in Siliguri.

While all the industrial captains present in the summit said that West Bengal was the new destination for investment and the state’s chief minister Mamata Banerjee has been able to change the perception about the state, Banerjee said the rate of growth of the state’s GDP was 9.1% higher than the national figure.

Ambani added that West Bengal has gained a foothold in the group of the fastest growing states in India , accounting for the highest rise in credit flow to the MSME sector among all Indian states. West Bengal will be able to contribute a quarter of India’s GDP by 2035 if it embraced the power of digital technologies.

He said Reliance envisaged to cover 100% of the state’s population with Jio network and this would be achieved by 2019 end. Jio’s gigafiber project of connecting Bengal with optic fibre to bring superior digital services to every home has progressed well and this would transform every home of Bengal to a smart home.

Pointing out to the opportunity that West Bengal had in warehousing and logistics, Ambani said Jio and Reliance retail would shortly launch a unique new commerce platform to empower at least 3 crore small shopkeepers.

NTPC to invest Rs 10,300 cr in greenfield thermal and solar plants in UP

Source: Business Standard, Jan 08, 2019

Lucknow: Public sector energy generation major NTPC Limited has planned to invest almost Rs 10,300 crore in Greenfield power plants in Uttar Pradesh.

These plants include a proposed 1,600 megawatt (Mw) (2×800) thermal power project at Shaktinagar (Singrauli) in Sonebhadra district of UP. This project is estimated to entail investment of Rs 9,000 crore, NTPC Regional Executive Director (North) Kamlesh Kumar Singh has said.

“The proposal of the new power plant has been approved and we have signed a power purchase agreement (PPA) with the UP Power Corporation Limited (UPPCL),” he informed adding the plant would also give power to Uttarakhand.

Besides, NTPC is setting up 2 solar power plants of 225 Mw and 25 Mw capacity at Bilhaur (Kanpur) and Auraiya district respectively, he said adding the projects would involve investment of Rs 1,300 crore. Read the rest of this entry »

India to attract investments worth $80 bn in renewable energy: Report

Source: Business Standard, Nov 14, 2018

Bhubaneswar: India’s renewable energy space is turning out to be an attractive domain for foreign investors. In total, this sector has drawn $6.84 billion FDI from April 2000 to June 2018.

More than $42 billion has been invested in the country’s renewable energy sector since 2014, said a report by Indian Brand Equity Foundation (IBEF), after interpreting figures from the Ministry of New & Renewable Energy (MNRE) and Central Electricity Authority (CEA). Over the next four years, the renewable energy sector is projected to attract investments pegged at $80 billion.

Competition in green energy domain has heated up especially in the solar power segment with tenders in tariffs hitting record low of Rs 2.44 per unit in December 2017. The large integrated players are in a better position with higher returns compared to the smaller contractors. Read the rest of this entry »