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UAE-based bank Emirates NBD on Monday announced an additional USD 100 million investment in its India operations, and added two more branches in Chennai and Gurugram. The lender, having the largest presence in the Middle East region, has so far invested USD 300 million in the last five years of its operations in India in three tranches, its group head for international and group strategy, Neeraj Makin, told PTI. Its country chief executive for India Sharad Agarwal said its current presence is not as a wholly-owned subsidiary, which is preferred by RBI for units of foreign lenders, and added that its focus is on the corporate and trade segment and not the retail side. Makin said it may add 2-3 more branches, including one in Kolkata, over the next 18 months and will definitely infuse more capital if it happens. Agarwal said at present, its overall balance sheet stands at Rs 5,500 crore, which includes a loan book of Rs 3,000 crore and investment book of Rs 1,500 crore. By FY24, it i
Finance Minister Nirmala Sitharaman on Thursday met CEOs of large American firms like FedEx and Mastercard and discussed various opportunities for investment in India as the country is poised to be the fastest-growing large economy in the world. The Finance Minister is in the US to attend IMF-WB Spring Meetings 2022. FedEx President and CEO-elect Raj Subramanian, during the meeting with the Finance Minister, mentioned that he is positive about India and has significant expansion plans, including in skilling. Appreciating the government's commitment to integrated development through PM Gati Shakti Master Plan, Subramanian said the company is looking at R&D Centres in India. Last year, Prime Minister Narendra Modi launched a Rs 100 lakh crore national master plan for multi-modal connectivity that aims to develop infrastructure to reduce logistic costs and boost the economy. PM Gati Shakti targets to cut logistic costs, increase cargo handling capacity and reduce the turnaround time.
Prime Minister Narendra Modi on Tuesday congratulated Invest India, an investment promotion and facilitation agency of the Union government, for winning the '2020 United Nations Investment Promotion Award'. The award is a testimony to our government's focus on making India the world's preferred investment destination and improving ease of doing business, Modi said in a tweet. The United Nations Conference on Trade and Development (UNCTAD) declared 'Invest India' as winner of the United Nations Investment Promotion Award 2020. The award ceremony took place on Monday at the UNCTAD headquarters in Geneva. The award recognises and celebrates the outstanding achievements of the world's investment promotion agencies. "Congratulations to @investindia for winning the 2020 United Nations Investment Promotion Award given by @UNCTAD. This is a testimony to our government's focus on making India the world's preferred investment destination & improving ease of doing business," Modi said. The .