The FINANCIAL — The President of the European Bank for Reconstruction and Development (EBRD), Sir Suma Chakrabarti, was in India this week to strengthen ties with the business community in a drive to step up joint investments with Indian firms in the Bank’s countries of operations.
During discussions with Indian business leaders, the EBRD President responded positively to calls from the Indian business community to tighten these links, according to the EBRD.
“We already have a good working relationship with a number of companies in India but we are eager to reach out to even more businesses. Economies in the EBRD regions can benefit from the expertise of Indian firms and we can also help pave the way for more Indian enterprises to either enter or step up their presence in EBRD countries,” he said.
The EBRD has long worked with top-class Indian companies on investments in the EBRD’s countries of operations, which comprise 38 economies stretching across three continents. The Bank has cooperated with Indian enterprises on joint projects worth €982 million, including investments with Tata, SREI and Jindal.
One recent example of cooperation is in Turkey where the EBRD and Mahindra & Mahindra are both shareholders in the Turkish agricultural machinery manufacturer Hisarlar, after Mahindra bought a 75.1 per cent stake last year. The EBRD has an 18.7 per cent stake in the Turkish company.
The EBRD President held discussions with the leaders of these groups this week and also met the head of the State Bank of India and the Governor of the Reserve Bank of India with whom he discussed opportunities for research cooperation.
The visit comes shortly after the Indian government expressed its interest in becoming a non-recipient shareholder of the EBRD.