The Hinduja rate of growth
The London-headquartered group recognises the need to step up its pace in India but the brothers have still to take the bit between their teeth.
Gopichand Hinduja, Cochairman of the Hinduja Group, skipped his annual vacation in the Maldives last December. Instead, he visited Chennai, Rajasthan, Nagpur and Delhi. At 70, the second of the four Hinduja brothers is eager to get a fresh feel of India. "We have larger stakes abroad, but gradually we are coming towards India," says GP, as he is known within the group and the family.
The $40 billion group (by market capitalisation) has only 20 per cent of its business in India. GP believes this will change. "2010 was our best year and this year we will take off," he says. But will they really, given their recent track record in India? Some threeand-a-half years ago, the group announced plans to invest $50 billion (Rs 230,000 crore) in India, which was likely to be scaled up to $100 billion (Rs 460,000 crore). This included an unsuccessful $20 billion-bid (Rs 92,000 crore) for what was then Hutchison-Essar's wireless operations.
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The $40 billion group (by market capitalisation) has only 20 per cent of its business in India. GP believes this will change. "2010 was our best year and this year we will take off," he says. But will they really, given their recent track record in India? Some threeand-a-half years ago, the group announced plans to invest $50 billion (Rs 230,000 crore) in India, which was likely to be scaled up to $100 billion (Rs 460,000 crore). This included an unsuccessful $20 billion-bid (Rs 92,000 crore) for what was then Hutchison-Essar's wireless operations.
To read more of the story, subscribe to Busines Today Print copy .
