Danny Gaekwad to meet PM Narendra Modi on Religare acquisition in USA

US investor seeks American intervention to overcome regulatory hurdles in India

Digvijay “Danny” Gaekwad, the US-based investor, has sought a meeting with Prime Minister Narendra Modi to seek an “open and fair” opportunity to acquire financial services firm Religare Enterprises.

 

The PM will be in the US next week and is set to meet President Donald Trump. 

 

Gaekwad, a Republican, is also planning to rope in the American government to help clear his way for the acquisition.

 

“I have no choice left but to place my case to the American lawmakers so as to get fair and equitable treatment from the Indian authorities. I am going to raise these questions to Prime Minister Narendra Modi also during his visit to the US. I will apprise him how US investors are treated,” Gaekwad said late Sunday evening from Florida.

 

 

Gaekwad is seeking help from Florida Senator Rick Scott, US Secretary of State Marco Rubio and President Donald Trump to drive his point.

 

Gaekwad said he is thankful to the Supreme Court of India for giving him an opportunity to deposit ₹650 crore to acquire Religare.

 

“I am offering ₹275 a share for Religare while the other offer is ₹235 a share. The regulator should have given me a fair opportunity but I was made to litigate till the highest court of the land,” Gaekwad said. “I will deposit ₹600 crore by the deadline,” he added.

 

Gaekwad made the counter offer for Religare Enterprises as he thinks the company has huge potential. 

 

The Burmans have made the open offer for Religare after the family acquired a 25 per cent stake in the company. The management, led by Rashmi Saluja, has opposed the Burman offer saying the company should get a far better value.