| (From left) Former US ambassador to India Frank Wisner, Warburg co-president Chip Kaye and Shell India chairman Vikram S. Mehta in New Delhi on Monday. Picture by Rajesh Kumar
Speaking about the country’s growing importance, Kaye said, “The India question is being asked not only in the boardrooms of Fortune 500 companies but also in the broad spectrum of US business.”
“The growth of Indian markets will provide a slew of opportunities to the global private equity industry, particularly in real estate,” Kaye said, while addressing a joint meeting of the US-India business council (USIBC) and the Confederation of Indian Industry.
He is also the chairman of the USIBC.
Today’s meeting, the agenda of which was set by the USIBC, is significant, especially in the backdrop of Prime Minister Manmohan Singh’s visit to the US last month.
The council also provided a platform for the industry to strengthen trade ties before the upcoming visit of US President George Bush early next year.
The USIBC also identified areas of collaboration between India and the US in small and medium-term enterprises.
Kaye said America would explore opportunities in the financial sector, defence, energy security, agriculture and infrastructure.
Responding to a query on the status of infrastructure development in the country, Kaye said, “Resolution of Dabhol was a tremendous start. We all know the challenges. The USIBC will work in the US to revitalise interest. We are confident of bringing back infrastructure developers to India.”
Vikram S. Mehta, chairman of Shell group of companies in India, said the Prime Minister’s visit to the US “generated a considerable momentum towards removing legacies of misunderstanding and help build the foundation for businesses.”
The USIBC will primarily work in energy, agriculture and value-added services such as food processing and cold storage, IPR, infrastructure, health, education, media and entertainment.