Abu Dhabi [UAE], October 6 : Stating that the group has already invested 400 million USD in India, UAE-based Sharaf Group Vice Chairman Major General Sharafuddin Sharaf (Retd) said that India is a priority for the company's motive of business expansion.
He also praised Union Commerce and Industry Minister Piyush Goyal for advising the group regarding the investments in India.
Speaking to ANI, Major General Sharafuddin Sharaf (Retd), said, "We have been in India for 25 years. We are doing logistics business. We have some inland ports. We have a railway license with the Indian Railway system. We are now planning to expand inland ports to some 10 more locations. We have already acquired four locations, and we are in the process of adding more. And he (Piyush Goyal) was very helpful and advised us on how to go forward".
"We have already invested 400 million dollars and with the new expansion another 250 million dollars of investments in the infrastructure. India is a priority for our business expansion. India has a very promising business expansion," he added.
Earlier in the day, Emaar Properties Group CEO Amit Jain said India is a big investment for his company and the expansion announcement could be seen during the Vibrant Gujarat summit in New Delhi.
"India for us is a big investment and we wish to continue to make future investments in India," Jain said following his meeting with Union Commerce and Industry Minister Piyush Goyal.
On Thursday, LuLu Group chairman and MD Yusuff Ali MA said that India under the "dynamic leadership" of Prime Minister Narendra Modi is considered an emerging power and one of the strongest economies in the world, adding that the common focus of both UAE and India is peace, stability and economic progress.
"More than 3.54 million Indians form an integral part of the growth and development of UAE's economy and society. Indians are also earning their present better with that most dignity and respect here," he said.
Notably, Union Minister Piyush Goyal is on a two-day visit to the UAE. He co-chaired the 11th Meeting of the India-UAE High-Level Joint Task Force to boost investments between the two countries.
Elaborating on UAE's interest in investment in India, Goyal said that in the days ahead a significant flow of investments both in public markets and in the manufacturing and services sector will be witnessed adding, "Even moon is not the limit."
"While at one point in time, we would say the sky is the limit, I can say now even the moon is not the limit," Goyal told ANI.
Goyal was present during India and UAE's signing of a Memorandum of Understanding (MoU) on the cooperation in the field of Industries and advanced Technologies and both countries also signed an agreement for the National Payments Corporation of India's international arm to partner with UAE for developing a Domestic Card Stack similar to RuPay.
This MoU will facilitate the users of both the countries which would be as seamless as a domestic transaction using a beneficiary identifier (mobile number/VPA).
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