London: Hinduja Group is willing to invest $10 billion in unfinished power plants and infrastructure projects in India that have been languishing as non-performing assets with banks, to help bring back economy on high growth path. Gopichand Hinduja, Co-chairman, Hinduja Group of Companies, is keen that the projects, that were part financed by state banks but abandoned for a variety of reasons like non availability of fuel and now listed as bad loans, should be quickly completed after Indian economy is picking up under the newly elected Prime Minister Narendra Modi.
The conglomerate feels the United Kingdom government can encourage some of its companies to finance and complete the construction of such projects in exchange for fast approvals from India and the prospect of operational power stations, roads and bridges within two years. Mr Hinduja told London-based Telegraph newspaper that, “These projects are sitting in the banks as NPAs. We should invest in such projects so that investment and trade can grow in one or two years. Being a practical person, I like to see something in the short, medium and long term.”
Hinduja added that brownfield projects are the easiest way to show (fast) results and that is what the Prime Minister is trying to show rather than go into green field projects. He said that Britain should seize the opportunity to make a practical demonstration of its support.
