Mumbai:Thyrocare Technologies, a Mumbai-based medical diagnostics services provider, has raised about Rs 120 crore from private equity (PE) firm Norwest Venture Partners (NVP). Through the deal, Thyrocare has diluted about 10 per cent stake in the company, it is learnt. As part of the agreement, Sohil Chand, managing director of NVP India, would join Thyrocare’s board of directors.
The diagnostics market in India is estimated at Rs 10,000 crore. Thyrocare’s network of 20,000 service centres across 1,000 cities and towns in India accounts for about 1,00,000 doctors, through 600 franchisees. For Thyrocare, this is the second PE investment. In 2010, CX Partners had invested Rs 188 crore for a 30 per cent stake in the company.
A Velumani, managing director and chief executive of Thyrocare Technologies, said, “When CX Partners invested, we were motivated and ventured into Nueclear, (the in-vivo segment). Now, with NVP’s investment, we would explore global markets.” NVP manages about $3.7 billion in capital and has funded 500 companies.
India’s diagnostics sector has been in the radar of PE majors for some time. Early this year, Singapore-based GIC had invested $100 million in Vasan Healthcare, while last year, Goldman Sachs invested about Rs 300 crore for a six per cent stake in Max India.
In 2010, US-based TA Associates had invested $35 million in Dr Lal Pathlabs.
Last year, PE fund Avigo Capital Partners had acquired 9.27 per cent stake in Super Religare Laboratories for Rs 100 crore.
Success in my Habit
Thursday, September 27, 2012
L&T Construction gets orders worth Rs 1,241 cr
Coimbatore/Mumbai: L&T Construction has got new orders worth Rs 1,241 crore during the month.
The company's buildings and factories division has got orders totalling Rs 697 crore for building residential towers and factories.
The railways business division has received orders worth Rs 544 crore from Rail Vikas Nigam Ltd.
These include railway electrification work between Guntakal-Raichur-Wadi stations of the South Central Railway and another order for construction, track work, signaling and telecommunication in the Lucknow and Izatnagar divisions of the North Eastern Railway.
The company's buildings and factories division has got orders totalling Rs 697 crore for building residential towers and factories.
The railways business division has received orders worth Rs 544 crore from Rail Vikas Nigam Ltd.
These include railway electrification work between Guntakal-Raichur-Wadi stations of the South Central Railway and another order for construction, track work, signaling and telecommunication in the Lucknow and Izatnagar divisions of the North Eastern Railway.
UP CM Akhilesh Yadav approves setting up two leather parks in Kanpur and Hardoi to attract investment of Rs 2,000 crores
Lucknow: Chief Minister Akhilesh Yadav has given an in principle approval for two mega leather cluster projects in Hardoi and Kanpur districts.
In a meeting with leather industrialists from Kanpur, the Chief Minister assured all possible help from the state government to develop these green field mega clusters which would bring an investment of around Rs 2,000 crores.
The CM also directed officials of UP State Industrial Development Corporation (UPSIDC) to make available land for these projects.
According to Industrial and Infrastructure Development Commissioner, Anil Kumar Gupta one of the proposed leather parks would come up on 300 acres of land in Sandila Industrial Area of Hardoi district. The second would come up in Ramaipur area of Kanpur. About 625 acres of land in Kuraina, Bahadurnagar and Senpurabpara villages has been identified for this project.
Gupta said that the proposed integrated leather parks would have world class infrastructure with latest technology equipped production chain to meet the demands of both the domestic as well as export market.
He said that the parks will generate employment opportunity for 10,000 persons and 50 per cent of the factories would belong to the small and medium enterprises sector.
In a meeting with leather industrialists from Kanpur, the Chief Minister assured all possible help from the state government to develop these green field mega clusters which would bring an investment of around Rs 2,000 crores.
The CM also directed officials of UP State Industrial Development Corporation (UPSIDC) to make available land for these projects.
According to Industrial and Infrastructure Development Commissioner, Anil Kumar Gupta one of the proposed leather parks would come up on 300 acres of land in Sandila Industrial Area of Hardoi district. The second would come up in Ramaipur area of Kanpur. About 625 acres of land in Kuraina, Bahadurnagar and Senpurabpara villages has been identified for this project.
Gupta said that the proposed integrated leather parks would have world class infrastructure with latest technology equipped production chain to meet the demands of both the domestic as well as export market.
He said that the parks will generate employment opportunity for 10,000 persons and 50 per cent of the factories would belong to the small and medium enterprises sector.
Tax residency certificate now mandatory for foreign investors
New Delhi: India has made it mandatory for all foreigners to furnish a tax residency certificate of their home country to claim benefits under the double taxation avoidance agreement. This will make the process of claiming tax credit easier for foreigners by removing the arbitrariness in the earlier regime.
The Central Board of Direct Taxes, the apex direct taxes body, has notified changes to the income tax act prescribing a tax residency certificate. All non residents are entitled to claim benefits under the domestic tax law or the relevant tax treaty to the extent it is more beneficial to them.
Treaty benefits in India is available to a person who is a resident of the treaty country. While there was no requirement prescribed under the law to furnish a Tax Residency Certificate (TRC) from the country of residence to claim treaty benefits, the revenue authorities were asking for such a certificate wherever treaty benefit was claimed.
Tax experts say this will also makes life easier for Indian companies having overseas operations as well and foreign investors in India. A prescribed format will allow foreign residents to know in advance the essentials required to claim tax credits, said said Sudhir Kapadia, national tax leader, Ernst & Young.
"This would be very useful for Indian multinationals as they will be able to get a TRC in a speedy manner as there is a benchmark template prescribed unlike at present depending on the discretion of tax officers," he said.
The TRC for availing tax benefits was proposed in the 2012-13 budget. "It is noticed that in many instances the taxpayers who are not tax resident of a contracting country do claim benefit under the DTAA entered into by the Government with that country. Thereby, even third party residents claim unintended treaty benefits," said the memorandum to the 2012-13 Budget.
The TRC would have the tax identification number of the assessee, its residential status for the purposes of tax, period for which the TRC is applicable and address of the assessee during that period. However, experts are skeptical about TRCs effectiveness.
"While the notification specifies the details that a TRC of another country should have, it would be worthwhile to wait and watch whether the country issuing such a TRC would be willing to specify all such details in the TRC.
Further, in case the assessee is not able to obtain all details as specified in the TRC, would the Indian Revenue authorities deny the exemption which otherwise would be available to them?," said Homi Mistry. Partner, Deloitte Haskins & Sells.
The Central Board of Direct Taxes, the apex direct taxes body, has notified changes to the income tax act prescribing a tax residency certificate. All non residents are entitled to claim benefits under the domestic tax law or the relevant tax treaty to the extent it is more beneficial to them.
Treaty benefits in India is available to a person who is a resident of the treaty country. While there was no requirement prescribed under the law to furnish a Tax Residency Certificate (TRC) from the country of residence to claim treaty benefits, the revenue authorities were asking for such a certificate wherever treaty benefit was claimed.
Tax experts say this will also makes life easier for Indian companies having overseas operations as well and foreign investors in India. A prescribed format will allow foreign residents to know in advance the essentials required to claim tax credits, said said Sudhir Kapadia, national tax leader, Ernst & Young.
"This would be very useful for Indian multinationals as they will be able to get a TRC in a speedy manner as there is a benchmark template prescribed unlike at present depending on the discretion of tax officers," he said.
The TRC for availing tax benefits was proposed in the 2012-13 budget. "It is noticed that in many instances the taxpayers who are not tax resident of a contracting country do claim benefit under the DTAA entered into by the Government with that country. Thereby, even third party residents claim unintended treaty benefits," said the memorandum to the 2012-13 Budget.
The TRC would have the tax identification number of the assessee, its residential status for the purposes of tax, period for which the TRC is applicable and address of the assessee during that period. However, experts are skeptical about TRCs effectiveness.
"While the notification specifies the details that a TRC of another country should have, it would be worthwhile to wait and watch whether the country issuing such a TRC would be willing to specify all such details in the TRC.
Further, in case the assessee is not able to obtain all details as specified in the TRC, would the Indian Revenue authorities deny the exemption which otherwise would be available to them?," said Homi Mistry. Partner, Deloitte Haskins & Sells.
India Malaysia to Achieve Trade Target of USD 15 Billion by 2013
New Delhi: The Union Minister of Commerce, Industry and Textiles, Shri Anand Sharma informed here today that India’s bilateral trade with Malaysia stood at nearly USD 13 billion last year registering a growth of 34% over the previous year. Addressing the members of India-Malaysia CEO Forum, Shri Sharma said, “while we had set a trade target of US$ 15 billion by 2015, I am confident that we will be able to achieve this target definitely by 2013 if not this year. I will be proposing to my counterpart Minister Mustapa Mohamed that we revise this target upwards.”
Recalling his visits to Malaysia in July 2010 and February 2011, Shri Sharma said that he had sought investment from Khazanah Nasional Berhad (Government of Malaysia's strategic investment fund) into Indian infrastructure sector through a collaborative venture with IDFC. Shri Sharma informed that a SPV has been created between Khazanah and a subsidiary of IDFC with an equity base of Rs. 830 crores for financing the national highway construction projects.
The Minister said that during his visits, he identified priority sectors of engagement including Roads & highways, Railways, Airports, IT &ITES, Biotechnology, Tourism, Health Services and JV projects in third countries. Subsequently, the two countries have entered into a Comprehensive Economic Cooperation Agreement which was signed in February 2011. The signing of this Agreement has provided considerable momentum to trade and investment on both sides.
Members and the Minister also expressed happiness on the robust investment front. Malaysian investment in India stands at US$ 7.8 billion while Indian investments in Malaysia are in the range of USD 3 billion. Indian investments in Malaysia are growing steadily. At present, there are more than 100 Indian companies including 61 Indian joint ventures operating in Malaysia. In the past three years alone, about USD 2 billion have been invested by our companies making it the 7th largest investor in Malaysia.
The India Malaysia CEO forum is co-chaired by Shri Malvinder Mohan Singh from India and Mr Tan Sri Krishnan Tan Boon Seng from Malaysia.
Recalling his visits to Malaysia in July 2010 and February 2011, Shri Sharma said that he had sought investment from Khazanah Nasional Berhad (Government of Malaysia's strategic investment fund) into Indian infrastructure sector through a collaborative venture with IDFC. Shri Sharma informed that a SPV has been created between Khazanah and a subsidiary of IDFC with an equity base of Rs. 830 crores for financing the national highway construction projects.
The Minister said that during his visits, he identified priority sectors of engagement including Roads & highways, Railways, Airports, IT &ITES, Biotechnology, Tourism, Health Services and JV projects in third countries. Subsequently, the two countries have entered into a Comprehensive Economic Cooperation Agreement which was signed in February 2011. The signing of this Agreement has provided considerable momentum to trade and investment on both sides.
Members and the Minister also expressed happiness on the robust investment front. Malaysian investment in India stands at US$ 7.8 billion while Indian investments in Malaysia are in the range of USD 3 billion. Indian investments in Malaysia are growing steadily. At present, there are more than 100 Indian companies including 61 Indian joint ventures operating in Malaysia. In the past three years alone, about USD 2 billion have been invested by our companies making it the 7th largest investor in Malaysia.
The India Malaysia CEO forum is co-chaired by Shri Malvinder Mohan Singh from India and Mr Tan Sri Krishnan Tan Boon Seng from Malaysia.
Nissan to launch 10 new vehicles by FY16
Nissan recently announced the revival of the Datsun brand to develop new car platforms for India, Indonesia and Russia
New Delhi: In a bid to ramp up volumes in the country, Japanese auto major Nissan plans to introduce ten new passenger-vehicles by the end of March 2016.
Of the 10 vehicle models it plans to launch by early 2016, at least two would belong to the Datsun brand. Nissan recently announced the revival of the Datsun brand to develop new car platforms for India, Indonesia and Russia.
“The India market has a very big opportunity. The car population in India is less than 20 per 1,000 people, compared with 200 in Malaysia and 150 in Thailand,” said Toru Hasegawa, corporate vice-president (Africa, Middle East and India), Nissan Motor Company.
Nissan India is aiming to double its vehicle sales in the current financial year from last year's 33,000 vehicles. The company aims to have eight per cent share in the domestic market by 2016.
Apart from small cars under the Datsun brand, Nissan is also looking at introducing a sports utility vehicle in the country. Some of the vehicles slated for introduction may be based on platforms developed by partner Renault, Hasegawa said.
Nissan on Tuesday introduced multi-purpose vehicle Evalia priced between Rs 8.49 lakh and Rs 10.99 lakh. The Evalia has a 1.5-liter diesel engine that Nissan says will deliver 19.3 kilometers to a litre. Hasegawa said Nissan is aiming to sell 2,000 to 2,500 Evalia vehicles each month in India.
Nissan currently manufactures small car Micra and sedan Sunny at its Chennai facility. The plant is owned jointly with Renault S.A. Nissan also imports sports utility vehicle X-Trail, premium sedan Teana and sports car 370Z.
New Delhi: In a bid to ramp up volumes in the country, Japanese auto major Nissan plans to introduce ten new passenger-vehicles by the end of March 2016.
Of the 10 vehicle models it plans to launch by early 2016, at least two would belong to the Datsun brand. Nissan recently announced the revival of the Datsun brand to develop new car platforms for India, Indonesia and Russia.
“The India market has a very big opportunity. The car population in India is less than 20 per 1,000 people, compared with 200 in Malaysia and 150 in Thailand,” said Toru Hasegawa, corporate vice-president (Africa, Middle East and India), Nissan Motor Company.
Nissan India is aiming to double its vehicle sales in the current financial year from last year's 33,000 vehicles. The company aims to have eight per cent share in the domestic market by 2016.
Apart from small cars under the Datsun brand, Nissan is also looking at introducing a sports utility vehicle in the country. Some of the vehicles slated for introduction may be based on platforms developed by partner Renault, Hasegawa said.
Nissan on Tuesday introduced multi-purpose vehicle Evalia priced between Rs 8.49 lakh and Rs 10.99 lakh. The Evalia has a 1.5-liter diesel engine that Nissan says will deliver 19.3 kilometers to a litre. Hasegawa said Nissan is aiming to sell 2,000 to 2,500 Evalia vehicles each month in India.
Nissan currently manufactures small car Micra and sedan Sunny at its Chennai facility. The plant is owned jointly with Renault S.A. Nissan also imports sports utility vehicle X-Trail, premium sedan Teana and sports car 370Z.
Ramky Enviro wins Unido project
Hyderabad: Ramky Enviro Engineers Limited has bagged a project from United Nations Industrial Development Organisation (UNIDO), Austria.
REEL will be working with Kinetrics International Inc., Canada on the project to be implemented for Bhilai Steel Plant.
The project seeks to provide "Sound Environmental Management and Final Disposal of Polychlorinated Biphenyls (PCBs)" in accordance with the Stockholm Convention.
The project was bagged against stiff competition from established International companies. It envisages setting up of an ultra modern automated plant using Non-combustion technology for the decontamination of PCB Oil, PCB Contaminated Oils, and wastes and used power transformers. This will be the first of its kind in India.
This is a turnkey project where in Ramky Enviro Engineers will be responsible for technology, supply and installation of the project facilities, testing, commissioning and training of plant personnel.
Project will be implemented in Bhilai Steel Plant located in Chhattisgarh State. The tenure of the project is two years. Detailed Engineering and project implementation will be done in-house by REEL.
UNIDO is funding this project under Global Environmental Facility (GEF). The $ 4.2 million project is expected to create capacity for disposal of Polychlorinated Biphenyls in future.
The Stockholm Convention is a global treaty to protect human health and the environment from persistent organic pollutants (POPs). Over 150 countries signed the Convention.
Ramky Enviro Engineers is part of the Rs. 7000 crore Ramky Group.
REEL will be working with Kinetrics International Inc., Canada on the project to be implemented for Bhilai Steel Plant.
The project seeks to provide "Sound Environmental Management and Final Disposal of Polychlorinated Biphenyls (PCBs)" in accordance with the Stockholm Convention.
The project was bagged against stiff competition from established International companies. It envisages setting up of an ultra modern automated plant using Non-combustion technology for the decontamination of PCB Oil, PCB Contaminated Oils, and wastes and used power transformers. This will be the first of its kind in India.
This is a turnkey project where in Ramky Enviro Engineers will be responsible for technology, supply and installation of the project facilities, testing, commissioning and training of plant personnel.
Project will be implemented in Bhilai Steel Plant located in Chhattisgarh State. The tenure of the project is two years. Detailed Engineering and project implementation will be done in-house by REEL.
UNIDO is funding this project under Global Environmental Facility (GEF). The $ 4.2 million project is expected to create capacity for disposal of Polychlorinated Biphenyls in future.
The Stockholm Convention is a global treaty to protect human health and the environment from persistent organic pollutants (POPs). Over 150 countries signed the Convention.
Ramky Enviro Engineers is part of the Rs. 7000 crore Ramky Group.
Mahindra & Mahindra opens technical centre in Troy, Michigan
Mumbai: In order to tap into highly skilled automotive talent pool of United States, India's largest utility vehicle and tractor maker has started a technical centre in Troy, Michigan to leverage on the regions design and consulting service resources.
M&M intends to use this centre to support the company's automotive and tractor engineering requirement in India. This new facility will initially employ 25 engineers and has been designed to accommodate double that number in the future.
Rajan Wadhera, chief executive — technology, product development and sourcing, Automotive & Farm Equipment Sectors, Mahindra Group said, "This new Technology Center will serve as a base for Mahindra to address the engineering demand for our automotive & farm engineering requirements together with our Global Development Center in India. The Troy Center is the latest addition to our 'neural network' of innovation which also comprises of our other research facilities in India, US, China and Korea."
Rajan Wadhera, chief executive — technology, product development and sourcing, Automotive & Farm Equipment Sectors, Mahindra Group inaugurated the facility along with Micheal Finney, president & CEO, Michigan Economic Development Corporation, Janice Daniels, Mayor, City of Troy and Prashant Kamat, CEO, Mahindra Engineering, India.
"Mahindra is a global provider for automotive engineering services, and we are thrilled with the company's decision to locate its first North American technical center and new jobs in Troy," said MEDC President and CEO Michael A. Finney. "This investment shows our highly competitive business climate and tremendous workforce capabilities mean real opportunities for leading-edge companies."
"Our number one goal is to help new and existing businesses locate, grow and expand within the City of Troy," Troy City Manager Mike Culpepper said. "This is testimony to the fact that Troy is Michigan's top location for Automotive Research and Development facilities due to the presence of local talent, our business friendly policies, and proximity to important markets in the northeastern United States."
According to Kamat, the technical centre in Michigan will enable M&M to leverage local R&D talent to deliver innovative solutions to its customers in the region.
"We also plan to scale up the Center in due course and will establish a dedicated recruiting department in the US office to meet this goal. We currently have a workforce of about 100 in North America with over 60% comprising US nationals hired locally. Hence, wherever we are located, our priority is to contribute to the local community and economy," said Kamat.
Mahindra & Mahindra already has a significant presence in North America with businesses ranging from IT to tractors to aerospace.
M&M had set up its tractor subsidiary in continent called Mahindra USA way back in 1994, and over the past decade its IT companies, Mahindra Satyam, Tech MahindraBSE 0.73 % and Bristlecone have made deeper inroads in the IT sector providing variety of solutions ranging from Enterprise Business Solutions, Testing, Infrastructure Management Services, network security, Value Added Services and Application Development Maintenance and Support (ADMS) Solutions.
M&M intends to use this centre to support the company's automotive and tractor engineering requirement in India. This new facility will initially employ 25 engineers and has been designed to accommodate double that number in the future.
Rajan Wadhera, chief executive — technology, product development and sourcing, Automotive & Farm Equipment Sectors, Mahindra Group said, "This new Technology Center will serve as a base for Mahindra to address the engineering demand for our automotive & farm engineering requirements together with our Global Development Center in India. The Troy Center is the latest addition to our 'neural network' of innovation which also comprises of our other research facilities in India, US, China and Korea."
Rajan Wadhera, chief executive — technology, product development and sourcing, Automotive & Farm Equipment Sectors, Mahindra Group inaugurated the facility along with Micheal Finney, president & CEO, Michigan Economic Development Corporation, Janice Daniels, Mayor, City of Troy and Prashant Kamat, CEO, Mahindra Engineering, India.
"Mahindra is a global provider for automotive engineering services, and we are thrilled with the company's decision to locate its first North American technical center and new jobs in Troy," said MEDC President and CEO Michael A. Finney. "This investment shows our highly competitive business climate and tremendous workforce capabilities mean real opportunities for leading-edge companies."
"Our number one goal is to help new and existing businesses locate, grow and expand within the City of Troy," Troy City Manager Mike Culpepper said. "This is testimony to the fact that Troy is Michigan's top location for Automotive Research and Development facilities due to the presence of local talent, our business friendly policies, and proximity to important markets in the northeastern United States."
According to Kamat, the technical centre in Michigan will enable M&M to leverage local R&D talent to deliver innovative solutions to its customers in the region.
"We also plan to scale up the Center in due course and will establish a dedicated recruiting department in the US office to meet this goal. We currently have a workforce of about 100 in North America with over 60% comprising US nationals hired locally. Hence, wherever we are located, our priority is to contribute to the local community and economy," said Kamat.
Mahindra & Mahindra already has a significant presence in North America with businesses ranging from IT to tractors to aerospace.
M&M had set up its tractor subsidiary in continent called Mahindra USA way back in 1994, and over the past decade its IT companies, Mahindra Satyam, Tech MahindraBSE 0.73 % and Bristlecone have made deeper inroads in the IT sector providing variety of solutions ranging from Enterprise Business Solutions, Testing, Infrastructure Management Services, network security, Value Added Services and Application Development Maintenance and Support (ADMS) Solutions.
Biocon among world's top pharma employers
Bangalore: Bangalore based biotechnology firm Biocon has been named by 'Science' magazine as one of the top 20 employers in global pharma sector. The 2012 Top Biotech and pharma employers survey, has rankled Biocon in the 19 thposition and it is the only Asian firm to be in the top 20.
"We are in the distinguished company of leading global Biotech companies and we will wear this badge of honour with a sense of leadership and responsibility that will enable us to take greater strides to move up the leader board," said MD Kiran Mazumdar-Shaw.
Some of the criteria included loyalty of employees and quality of work done. . "The Biocon employer brand has been growing stronger with each passing year, and our increased success in attracting and retaining top talent in the sector is a testimony to this," said Ravi C Dasgupta, HR Head of the company
US-based Regeneron Pharmaceuticals topped the list .
"We are in the distinguished company of leading global Biotech companies and we will wear this badge of honour with a sense of leadership and responsibility that will enable us to take greater strides to move up the leader board," said MD Kiran Mazumdar-Shaw.
Some of the criteria included loyalty of employees and quality of work done. . "The Biocon employer brand has been growing stronger with each passing year, and our increased success in attracting and retaining top talent in the sector is a testimony to this," said Ravi C Dasgupta, HR Head of the company
US-based Regeneron Pharmaceuticals topped the list .
Seychelles, Mauritius keen on attracting Indian investments
New Delhi: Seychelles can be an important partner for India and China, the country’s Minister for Finance, Trade and Investment Pierre Laporte said here on Tuesday.
“We consider ourselves as potential gateways to Africa because of our position in the Eastern African bloc. We could provide opportunities through our geographical location and through the free trade zones to Indian companies to invest in Seychelles,” the Minister said.
He was speaking at a seminar on ‘Indian Ocean Global Forum – Enhancing partnership for trade, infrastructure and resources development’, organised by the Ministries of External Affairs and Commerce and Confederation of Indian Industry.
Laporte said India and Seychelles had recently signed a bilateral investment promotion agreement.
Marc Hein, Chairman, Financial Services Commission, Mauritius, said while a lot had been said about inbound investment from Mauritius into India, in future India should look at using Mauritius as a platform to invest in Africa.
“There are over 900 funds based in Mauritius. A lot of them are servicing India but more and more of them are geared towards Africa,” he said.
The fact that a number of African countries are growing at 6-8 per cent annually is the reason why people should invest there, he said.
“(These are) unusual figures, which were only heard of from Asian tigers. Now such things are happening in Africa,” Hein added.
“We consider ourselves as potential gateways to Africa because of our position in the Eastern African bloc. We could provide opportunities through our geographical location and through the free trade zones to Indian companies to invest in Seychelles,” the Minister said.
He was speaking at a seminar on ‘Indian Ocean Global Forum – Enhancing partnership for trade, infrastructure and resources development’, organised by the Ministries of External Affairs and Commerce and Confederation of Indian Industry.
Laporte said India and Seychelles had recently signed a bilateral investment promotion agreement.
Marc Hein, Chairman, Financial Services Commission, Mauritius, said while a lot had been said about inbound investment from Mauritius into India, in future India should look at using Mauritius as a platform to invest in Africa.
“There are over 900 funds based in Mauritius. A lot of them are servicing India but more and more of them are geared towards Africa,” he said.
The fact that a number of African countries are growing at 6-8 per cent annually is the reason why people should invest there, he said.
“(These are) unusual figures, which were only heard of from Asian tigers. Now such things are happening in Africa,” Hein added.
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