Gulf Islamic Investment to invest Rs 3,500 crore in India, opens office in Bengaluru
The financial services firm also plans to collaborate with Indian startups to boost their Middle-East expansion plans.
Gulf Islamic Investment (GII), a leading UAE-based Sharia-compliant financial services firm, plans to invest Rs 3,500 crore in India in the next three years and open its office in Bengaluru, Karnataka government said on Monday.
The company held discussions with Karnataka Large and Medium Industries Minister Murugesh Nirani and IT&BT Minister C N Ashwath Narayan at the Karnataka pavilion at the Dubai Expo 2020.
The GII would open its office here to further strengthen Indo-UAE investment ties, Nirani's office said in a press release.
GII has assets worth $ 2 billion under its management, according to the release.
In a joint statement, Mohammed Alhassan and Pankaj Gupta, founding partners and Co-CEOs of Gulf Islamic Investments said, "We are delighted to officially announce our plans to establish a GII office in India's technology capital of Bengaluru. India represents a prime investment destination for GII and this expansion demonstrates our commitment to future investments in the country's burgeoning startup and high-growth enterprise space."
"Given the success of our preliminary investment rounds through the India Growth Portfolio series, valued at over Rs 1,000 crores, we look forward to expanding our footprint in India and strategically contributing towards enhancing the India- UAE investment corridor," they added.
According to the release, Nirani met several business delegations and convinced several companies to make investments in Karnataka. The LuLu group, Ducab and Electric Way, among others, promised to make investments in Karnataka.
