American real estate mogul Donald Trump is planning "substantial investments" in the Indian property and hotel sectors, betting on Prime Minister Narendra Modi-led new government's efforts to revive the economic growth and boost infrastructure.
The billionaire entrepreneur and television personality did not give details of his investment plans in India. He has another project under development in the western Indian city of Pune, which is also a licensing pact.
Don Thompson has been the CEO of McDonald's for two-and-a-half years (Photo courtesy: AP)
High inflation and interest rates have deterred home buyers in the past couple of years in Asia's third-largest economy, slowing home sales and lowering profits for the country's developers.
"People are coming into India now that maybe would not have prior to the election," Trump said. "We will make investments in India, substantial investments in India. It's a great place to invest." "I don't know that I would have made that statement
Trump has entered into a licensing pact with Lodha for Trump Tower in Mumbai, a luxury residential tower that will offer its residents indoor jacuzzi tubs and world-class concierge services. He is yet to make an equity investment in the country.
Trump was referring to the election in May that saw Modi coming to office with a reputation as a business-friendly leader and a pledge to revive the economy after the longest spell of growth below 5 percent in a quarter of a century.
"I do see India as a great place to invest, and I think the election made that even better," said Trump, who was in India to launch Trump Tower in Mumbai, his first project in the country's financial capital, in collaboration with India's Lodha