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Bangalore, Oct. 26 The refrain of TCS never ceased through the two-hour presentation made by the Cincinnati US Regional Chamber in its maiden visit to India to woo investors into the region. The endeavour, coming at a time when the global economic turmoil, particularly convulsing the US did not deter the Chamber members from making a virtue of their mission on Friday evening to a group of media persons here. TCS with an investment of $20 million last year and a job creation for 1000 professionals was the largest Indian stake holder in the region.

“This is the right time for entry into Cincinnati” said Mr Doug Moormann, Vice- President (Economic Development), CRAC, leader of the business delegation.

The real estate is incredibly cheap, 25 per cent less than the major US cities. With a lease rental of $20-25 a square feet per annum and with a key investment incentive of $1500 to 2000 for job created by investors, the entry cost should be very low, said Mr Mahendra Vora, Chairman and Managing Director of Vora Ventures, the largest Indian-owned private equity firm in the Midwest USA region of Cincinnati. He said “Cincinnati is the next Ahmedabad or Pune of the US, with the IT industry recording an eight per cent growth”.

Mr Vora said a leading Indian automotive company was in talks with the chamber for setting up its production and distribution business. He declined to the give the name.

Cincinnati has 400 companies, with a fair sprinkle of Fortune 500 names, such as Procter & Gamble.

The delegation felt that though the current economic meltdown could be daunting, Indian investors could take advantage of the low cost of investment and make hay when the economy improves.

Earlier the delegation met the CII (Karnataka) members to promote Cincinnati as the preferred investment destination.

More Stories on : Foreign Direct Investment | Karnataka

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