Abu Dhabi: India, which is negotiating a Free Trade Agreement with the six-nation Gulf Cooperation Council, today made a strong pitch for greater investment from the UAE, asking the oil-rich country to be a part of its growth story, especially in the infrastructure sector, reports PTI.
"India is an attractive destination for foreign investment. Therefore, it is only natural that we expect Abu Dhabi to have a significant presence in the Indian economy," president Pratibha Patil said, addressing a function organised by the Abu Dhabi Chamber of Commerce and Industry.
The Abu Dhabi Investment Authority manages one of the largest sovereign funds in the world.
The strong fundamentals of the Indian economy combined with a young population will continue to generate huge demand in every economic sector in India, especially in the area of infrastructure, Ms Patil told the meeting, which was also attended by the UAE minister for foreign trade Sheikha Lubna Bint Khalid Al Qasimi.
India and the UAE are the largest trading partners with a turnover of $43 billion and the Gulf country is also home to the largest expatriate Indian community (numbering 1.75 million).
"It is only natural that we expect Abu Dhabi, being home to some of the largest sovereign funds in the world, to have a significant presence in the Indian economy," said Ms Patil, who is here on a five-day maiden official visit.
India has embarked on an ambitious programme of disinvestment in its public sector undertakings and has a huge requirement for developing basic infrastructure like roads and ports, power generation and communications, among others, she noted.
"There are also a large number of Special Economic Zones in India that beckon UAE investors," said the president.
Besides, the president said that there was a need for reactivating the India-UAE Joint Business Council and increasing the frequency of exchanges between apex chambers of commerce and industry.
Tata Chemicals Ltd is planning to roll-out a nutrient-based basal fertiliser 'Paras Farmoola', across the country and will invest Rs110 crore in setting up manufacturing units for it. "We have developed Paras Farmoola for select crops in a specific region based on soil, crop and water sample analysis," Tata Chemicals managing director R Mukandan said.
He said that the company is planning to set up two more such units with an investment of Rs55 crore each. The company said Paras Farmoola is designed to contain macro and micro nutrient as per the requirement of a specific region and requires a comprehensive land survey before its launch in any part of the country.
Tata Chemicals is now in the process of conducting a comprehensive land survey in West Bengal to launch their product in the state. The company is planning to roll-out the product across the country. Apart from West Bengal it will soon start surveys in other parts of the nation as well.
Tata chemicals would also carry out educational and awareness programmes with farmers across the country in a phased manner.
On Tuesday, Tata Chemicals rose 0.60% to Rs380.25 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.33% down at 19,691.84 points.
IT company Mphasis Ltd said its consolidated net profit rose by 20% to Rs1,090.75 crore for the year ended 31 October 2010, over the same period last year.
Revenues rose to Rs5,036.52 crore during the year ended October 2010 against Rs4,263.88 crore in the same period last year, the company said in a statement.
On a standalone basis, the company has reported a net profit of Rs996.88 crore, up 19% over the same period last year.
The board of directors of the company proposed a final dividend of Rs4 per equity share of Rs10 each for the year ended October 2010.
On Tuesday, Mphasis gained 8.22% to Rs613 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.33% down at 19,691.84 points.