Chennai : The Dubai-based AW Al Rostamani group, having interests in automobile dealerships, real estate, logistics and IT, is looking for investment opportunities in India, company officials said.
The group, having net assets of over $1.5 billion in the Middle East, made its first Indian investment by taking a 30 percent stake in thermal power company Coastal Energen Pvt Limited, which is an arm of Dubai’s Oil and Coal group. Coastal Energen is setting up a 2,000 MW thermal power plant in two phases in Tuticorin in tamil Nadu at an outlay of Rs.85 billion.
Mahmoud Nafousi, CEO of AW Al Rostamani group, told IANS: “The investment is part of our diversification process and India has been selected as the market for future investment.”
According to him, the Dubai group’s appetite for joint ventures does not stop with the power company and it is open for partnerships in areas like property development, construction, automobile dealerships and electro-mechanical contracting field.
The group is looking out for partnering with Indian construction companies for taking its real estate development business to the next level.
Queried about the kitty size for investments in India, Nafousi said: “We haven’t apportioned any specified amount for this purpose. We are looking out for interesting projects. Once that is found, funds for investments are not an issue.”