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Updated September 24th, 2021 at 10:53 IST

PM Modi meets top CEOs in US: $50 billion investment by 5 companies expected

As PM Modi undertakes his first US visit in the post-COVID lockdown era, investment in the Centre's National Monetisation Pipeline was at the top of his agenda.

PM Modi
IMAGE: Narendra Modi | Image:self
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As PM Modi undertakes his first US visit in the post-COVID lockdown era, investment in the Centre's National Monetisation Pipeline was at the top of his agenda. On his first of the three-day US visit, PM Modi met with  CEOs of five multinational corporations - Cristiano E Amon from Qualcomm, Mark Widmar from First Solar, Stephen A Schwarzman from Blackstone, Shantanu Narayen from Adobe, Vivek Lall from General Atomics. As per rough estimates, India may see over $50 billion pumped into its various industrial sectors across the years from these 5 companies. 

$50 billion investment in India

Blackstone

Listed as one of the world’s leading investment firms, the New York based company - Blackstone - has always viewed India as its most profitable market. As per reports, Blackstone's investment worth $ 25 billion has given it a return of $ 50 billion till date. With an investment portfolio of over $ 22 billion in India over the past ten years, CEO Stephen Schwarzman has invested in Indian companies like Nexus Malls, Piramal Glass, Aakash coaching classes, Essel Propack and Aadhar housing finance company, as per reports. In his discussion with PM Modi, Schwarzman promised to invest another $ 40 billion into India over the next five years.

"I had a very good meeting with the Prime Minister. I told him that Blackstone had already invested 60 billion US dollars in assets in India. And over the next five years, we're planning another USD 40 billion of assets," said Schwarzman.

First Solar

A leading US solar technology company - First Solar- has already successfully completed manufacturing seven Solar parks in India - Hindupur, Kodangal, Mahbubnagar, Polepally, Karoor, Marikal and Hindupur Pungnuru. These projects spread across Andhra Pradesh, Telangana power 150 MW annually. CEO Mark Widmar discussed India's 'One world, One sun and One grid' initiative with PM Modi, eyeing India's booming solar sector. In July, the company pledged to invest in a $648 million solar manufacturing unit in Tamil Nadu - setting up a 3.3 GW facility, as per reports.

General Atomics

A San Diego-based science company - General Atomics - is eyeing to invest in India's upcoming drone sector. With India seeking to buy GA's predator drones named 'MQ-9 Reaper' by the US Air Force, the Indian Navy, Army, and Air Force have already announced it will procure 30 armed versions of these drones worth $ 3 billion. After his meeting with Narendra Modi, GA CEO Vivek Lall said that the company was interested in advancing defence manufacturing, use of emerging technologies & augmenting capacity building in India.

Adobe

One of the world's largest IT companies - Adobe - has a strong presence in India's dominant IT market. After meeting PM Modi, Adobe CEO Shantanu Narayen termed Adobe’s investment in India as the company’s "secret weapon". Discussing Artificial Intelligence, media and startups, Adobe plans to invest in Digital India scheme - focusing on health, education and R&D. 

“It's actually our secret weapon. We started in India way before it was fashionable to have an Indian facility. We said, right from the beginning that we want the best and we want to be able to file more patents and do fundamental innovation. That's why we have multiple centres in India,” said Narayen.

Qualcomm

American microchip manufacturer - Qualcomm - eyes to invest in India's upcoming 5G sector. With 5G trials finalised in India and spectrum bidding scheduled in 2022, Qualcomm has already invested ₹ 730 crore ($ 9.91 billion) in Jio Platforms in 2020. Moreover, it has also made an equity investment in Indian audio accessory manufacturer boAT of Rs 50 crore.

“It was a great meeting. We're so proud of a partnership with India. We talked about 5G and its acceleration. We talked about an incredible opportunity to advance the industry not only domestically in India but India as export of technology,” said Qualcomm CEO.

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Published September 24th, 2021 at 10:53 IST

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