Railway Minister Successfully Concludes Two Day London Visit. The Two Sides (India-UK) Discussed Investments in Indian Infrastructure Including Rail Sector. Suresh Prabhu Addresses a High Level Investors Round-Table in London. Shri Suresh Prabhu also Visits London Stock Exchange. The Indian Delegation also Visits Railway Stations in London Area to Apprise itself with the Redevelopment of Stations. UK Investors Exhibit Positive Inclination to Commit Long-Term Funds for Infrastructure
New Delhi: Indian Railways on Tuesday said that the United Kingdom-based investors have shown tremendous interest in committing long term funds for the infrastructure development in India.
United Kingdom-based investors’ interest in India’s infrastructure sector was revealed during Railway Minister Suresh Prabhakar Prabhu’s two day visit to London from October 29-30, 2015.
The British government and UK-based investors are keen to invest in India’s transport infrastructure, Railway MinisterSuresh Prabhu has said.
Prabhu was in London this week on the invitation of two senior UK government ministers – minister for government policy in the Cabinet Office Oliver Letwin and transport secretary Patrick McLoughlin – to hold meetings at 10 Downing Street and London Stock Exchange (LSE) to explore ways in which the UK can engage with India. During his two-day visit, Prabhu addressed a high level investors roundtable as well.
“This was quite an unusual event they organised for me, to invite all the top bankers, funds, investors at the level of decision-makers and the financial world’s who’s who to find out how they can contribute to India’s growth story,” he said at a press briefing at India House here. “The investors were unanimous in their appreciation of India’s growth effort and were positively inclined to commit long term funds for the infrastructure sector,” the railway ministry said in a statement.
“The investors welcomed the recent announcement permitting Indian corporates to issue rupee bonds overseas. The investors indicated that there would be good appetite for well-known names.”
“They were keen to find out how they can engage with India’s transport sector, particularly railways. We have embarked upon a very ambitious programme on reforming and advancing the railway network. They were all completely aware of it and were keen to participate,” the minister said.
Describing his visit as an “extremely useful” exercise from the perspective of “sensitising” the British government as well as London-based investors and transport operators, Prabhu added: “Infrastructure is critical and they are keen to participate in the infrastructure development of India.
“These were all the top funds of the world with headquarters in London who are aware that the key driver of growth for the global economy as a whole will be infrastructure. It has the ability to lift the global economy.
“And, today there is no other single country in the world which has so much of appetite for infrastructure investment as much as India,” said the participants. On 29th October, Indian Railway Minister Suresh Prabhu met with Rt Hon Oliver Letwin, Chancellor of the Duchy of Lancaster and Minister in charge of cabinet affairs Government of UK and Rt Hon Patrick McLoughlin, Secretary of State for Transport, Government of UK to discuss investments in Indian infrastructure and areas of mutual cooperation in the Rail sector. The proposed issuance of Rupee bonds overseas by Indian corporates was also discussed. The investors(banks/financial institutions) who participated in these interactions included Standard Life, Citibank, SBI UK, SBI Caps UK, Prime Bridge Investments, London Stock Exchange, Standard Chartered Bank, ANZ bank, HSBC bank, Kotak Mahindra. UK, Exim Bank of India, Blue Bay Investments, Black Rock Investments, Deutche Bank, U K Green Investment Bank, Russell Investments, Jupiter Asset Management, HSBC, SBI Capital, Investec, BAML, Redington and JP Morgan
In addition, the Indian delegation also visited three stations in London area where considerable redevelopment of property has taken place.