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India, UAE Seek Bigger Role for L’IMAD Investments
India and the United Arab Emirates want to increase investment between their countries.
Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan discussed this at a BRICS meeting.
They talked about giving L’IMAD, a large UAE investment fund, a bigger role in India.
The leaders welcomed a planned $11.5-billion aluminium project in Odisha.
The project would be built by International Holding Company.
It is described as India’s largest integrated aluminium investment.
L’IMAD manages investments in areas such as energy, infrastructure and industry.
The countries also want to work more closely in defence, space, nuclear energy and technology.
Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan discussed expanding L’IMAD’s role in India.
The leaders welcomed International Holding Company’s proposed $11.5-billion integrated aluminium project in Odisha.
The project is described as India’s largest integrated aluminium investment and could strengthen Odisha’s manufacturing position.
L’IMAD was created by consolidating ADQ’s assets and investments and has an estimated portfolio of about $300 billion.
The two sides also discussed cooperation in defence, space, nuclear energy, technology and innovation.
- Who
- Prime Minister Narendra Modi and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.
- What
- They discussed expanding L’IMAD’s investment role in India and welcomed a proposed $11.5-billion aluminium project in Odisha.
- Where
- On the sidelines of the 18th BRICS Summit; the proposed project is in Odisha, India.
- When
- Saturday, during the 18th BRICS Summit.
- Why
- To deepen India-United Arab Emirates investment ties and cooperation in strategic and emerging sectors.
Key facts
- Proposed project
- A $11.5-billion integrated greenfield aluminium project in Odisha.
- Project developer
- International Holding Company.
- Project significance
- Described as India’s largest integrated aluminium investment.
- L’IMAD estimated assets
- About $300 billion.
- L’IMAD origin
- Created through the consolidation of ADQ’s assets and investments.
- Investment sectors
- Energy, infrastructure, logistics, ports, aviation and industry.
- Additional cooperation areas
- Defence, space, nuclear energy, technology and innovation.
Sources
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