• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy
• Books

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Virendra Pandit

Ahmedabad, Jan. 5 The Singapore-based Universal Success Enterprises Ltd (USEL) has chalked out plans to invest Rs 50,000 crore in Gujarat in the next 10 years in partnership with Indonesia’s Salim Group and would sign the requisite agreements with the State Government this month.

The investments will be in infrastructure-related sectors such as the Special Economic Zones (SEZs), power and ports, Mr Prasoon Mukherjee, Chairman, USEL, told Business Line from Jakarta, Indonesia, on Monday.Asked if his company would be signing agreements during the upcoming ‘Vibrant Gujarat Global Investors’ Summit’, to be held here on January 12 and 13, he remarked that “these could be signed this month itself.” He said the company, which has assets worth $4 billion in India, mainly in West Bengal, is diversifying into different sectors and would be investing the equivalent of $10 billion in western States in the first phase of its India plans, mainly in the priority sector of infrastructure.

“We will partner with the Salim Group in all our projects in Gujarat.”

USEL, promoted in 1998 by Mr Mukherjee, a former India Tourism Development Corporation (ITDC) official, was incorporated in 2000. It has emerged as a diversified group in the field of infrastructure development, real-estate, energy trading, hospitality and manufacturing. The Group has identified thermal power generation, sea ports and mixed use industrial and urban development (SEZs) as focus areas in West Bengal, Gujarat and Maharashtra.

Asked how USEL would be funding these projects in the current scenario of market volatility and financial crunch, Mr Mukherjee said the company would be investing between Rs 500 crore and Rs 1,000 crore in the first two years, till 2011, from its own internal resources.

As soon as the global economic situation improves and markets stabilise, USEL would focus on big-ticket investments. “Once we procure land and streamline plans, we can raise equity and debt after 2011,” he added.

At present, USEL has a significant presence in West Bengal where it is developing multiple projects, including integrated township, SEZ and highway construction. “With most of the developed markets showing signs of maturity, India offers a huge opportunity with regard to investment in infrastructure. We are mainly interested in developing deep sea ports, thermal power plants and SEZ projects and are looking forward to making huge investments in various parts of the country,” Mr Mukherjee pointed out.

The Group’s expertise lies in developing end-to-end large-scale infrastructure projects where it has partnered some of the world’s best infrastructure project consultants. USEL entered India in 2003 and started its operations with the New Kolkata International Development (NKID). It has so far invested around Rs 11,000 crore in West Bengal on various projects.

The Group has a strong presence in the Asia-Pacific region with businesses operating across different countries such as India, Indonesia, Malaysia, the Philippines and Thailand.

More Stories on : Infrastructure | Foreign Direct Investment | Gujarat

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2009, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line