In a major boost to India’s foreign direct investment (FDI) inflow, Uganda-based industrial conglomerate Madhvani Group has announced investment plans worth up to ₹10,000 crore over the next five years.
The announcement follows Prime Minister Narendra Modi’s continued engagement with the Indian diaspora, encouraging them to invest in their ancestral homeland.
PM Modi’s diaspora diplomacy bears fruit
Prime Minister Modi’s outreach to the Indian diaspora during his foreign visits has begun to yield significant economic returns.
His 2018 visit to Kampala, Uganda, left a lasting impression on the Madhvani family, who trace their roots to Gujarat.
During that visit, PM Modi urged the Group to participate in India’s growth journey.
Shrai Madhvani, promoter of the Madhvani Group, said the family’s emotional and cultural ties with India, along with the government’s investor-friendly policies, inspired their decision.
He credited initiatives such as Ease of Doing Business and Make in India for creating a conducive investment climate.
Madhvani Group enters India via HNGIL acquisition
Madhvani met PM Modi over the weekend to personally share the Group’s India plans.
He briefed the Prime Minister about their strategic entry into India through the acquisition of Hindustan National Glass & Industries Ltd. (HNGIL), India’s largest container glass manufacturer, which has been under insolvency since October 2021.
The acquisition, being undertaken by INSCO (a Madhvani Group company), received a green light from the Supreme Court recently, removing legal hurdles and paving the way for the Group’s foray into Indian manufacturing.
Investments to boost employment and industrial growth
According to Madhvani, the proposed ₹10,000 crore investment will generate substantial employment and significantly contribute to India’s industrial output.
The investment signals growing confidence in India’s economic fundamentals and regulatory ecosystem.
During the meeting, Madhvani also gifted PM Modi a book authored by his elder brother Kamlesh Madhvani and father, Manu Bhai Madhvani, both instrumental in shaping the Group’s global success.
The gesture highlighted the enduring cultural and spiritual connection between the Madhvani family and India.
The Madhvani Group’s investment is seen as a testament to the impact of PM Modi’s diaspora diplomacy and India’s growing appeal as a global business destination.
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