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Madhvani Group, one of the largest conglomerates in Uganda with diversified investments spanning several sectors across Africa, the Middle East and North America, said on Sunday that it plans to invest ₹10,000 crore in India over the next five years.
Madhvani Group's promoter Shrai Madhvani called on Prime Minister Narendra Modi on Saturday. During the meeting, he discussed the Group's various initiatives, including its acquisition bid for Hindustan National Glass & Industries Ltd (HNGIL), a leading container glass manufacturer.
Madhvani Group’s Independent Sugar Corporation (INSCO) submitted a revised resolution plan on 8 June, making a ₹2,752 crore offer comprising ₹2,200 crore in upfront cash and equity valued at around ₹550 crore.
The Group is exploring investments of up to ₹10,000 crore over the next five years, which is expected to generate substantial employment and contribute to industrial growth, Madhvani Group said in a statement on Sunday.
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“The Prime Minister welcomed the Madhvani Group's investment plans and assured full support for their ventures in India. He expressed delight over the Group's decision to return to its roots and contribute to India's ongoing development journey,” the Group said.
Madhvani, who was accompanied by his wife Aparna Madhvani and Group Director Nitin Gadhia, also expressed heartfelt condolences to the Prime Minister for the tragic plane crash that occurred on 12 June in Ahmedabad, it added.
Muljibhai Madhvani, who migrated from Gujarat, laid the foundation of the Group in 1914 in Uganda.
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