Abu Dhabi: Abu Dhabi based businessman B.R. Shetty plans to ramp up investments in India as ties between the UAE and India strengthen following high profile visits from leaders of both the countries over the past year.
Speaking to Gulf News, B.R. Shetty said the investments will mostly be in the health care sector, especially in the redevelopment of acquired hospitals and the construction of new ones in different parts of India.
“I started with the acquisition of SUT hospital in Trivandrum, Kerala. It was a 100 bed hospital and now I am making into a 400 bed hospital on four acres of land. It will be a multi-speciality hospital with cancer treatment.”
“In Raipur, Chattisgarh state I acquired a 120 bed hospital which will be converted into a 500 bed hospital.”
“And in Varanasi, I am making a 600 bed multi-super speciality hospital. The land has been acquired on the national highway and the construction work will begin at an appropriate time. There are also other ventures in India which will be announced later.”
There are also plans to construct a medical city in Amaravati, the new capital of Andhra Pradesh on 100 acres of land with a hospital, a medical university and a pharmaceutical manufacturing unit.
Shetty did not elaborate on the total investments in the projects but said the investments will be his own and will not be part of NMC Healthcare, which he heads as Chief Executive Officer.
“I established a company of my own couple of months back with an intention to invest in the health care sector. I am planning a lot of ventures in the coming days with the new company.”
The new investments come in the backdrop of increased economic ties between India and the UAE since the visit of Indian Prime Minister Narendra Modi to the UAE last year in August.
According to Indian Embassy, UAE’s investments in India have jumped by $1 billion (Dh3.67 billion) in just one year since the visit of Modi’s visit last year.
“There is a lot of transparency and stability in India for more investments. The policies have been liberal,” said Shetty.
Shetty expects more investments from the UAE to flow into India in the coming years specially in infrastructure sector.
The two countries have set up UAE-India Infrastructure Investment Fund, with the aim of reaching a target of $75 billion to support investment in India’s plans for rapid expansion of next generation infrastructure, especially in railways, ports, roads, airports and industrial corridors and parks.
The upcoming visit of His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces to India in January will further boost trade ties between the two countries, he added.
Shaikh Mohammad will be the chief guest on India’s Republic Day on January 26.