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Identifying India as one of the biggest growth areas in the group’s global operations, diversified Caparo Group CEO Angad Paul plans to expand footprint in the country and make it the export base for world markets.
The chief executive of the €1.5-billion group also said there has been a lot of “positivity” in India after last year’s general elections, unlike 2013 and early 2014 when there was uncertainty.
“We are really excited about growing our footprint in India, as well as utilising it as an export base,” Paul said.
In an interview to the CEO Magazine, Paul, son of Caparo group founder Lord Swraj Paul, said India is one of the biggest growth areas for the group.
A diversified group with global presence, the London-headquartered Caparo has a turnover of more than €1.5 billion. It has good presence in India.
“One of the biggest areas of growth for us is India. We were really suffering from a complicated, uncertain situation there throughout 2013 and early 2014, due to the economic downturn. Following the elections, though, there was a lot more positivity,” Paul, who took over as CEO in 2002, said.
The group’s plan to make India an export base comes at a time when Prime Minister Narendra Modi-led government is promoting the ‘Make In India’ campaign that seeks to make the country a key destination for manufacturing activities.
“Real growth is taking place in our rapidly expanding business in India. We started there in automotive components and we are now increasing our range of products, all of which add further value to the kind of steel products we were making,” Paul noted.
Most recently, Paul said the group has added electric rickshaws, bio-digester toilets and low-cost housing along with the installation of solar power facilities to its portfolio in India.
“I also see continued expansion in India’s growth in the supply of many more products and services there... we would like to increase the numbers of products that can serve a rapidly developing India under its new political leadership,” he said.
According to Paul, the group is working on a number of contracts from India to Brazil which seems unusual but “it’s what people want’’.
“This is a really interesting time to be moving our India strategy forward,” he said.
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