The 11 Indian billionaires who want to open businesses in Greece

The 11 Indian billionaires who want to open businesses in Greece

The background to the meeting with Mitsotakis at the ambassadorial residence in London - After Brexit, there has been strong interest in making Greece a gateway for their business activities in the EU

George Karagiannis

Vasilis Tsakiroglou

10.12.2024,

Last Tuesday, at number 51 Upper Brook Street, in London, there was a buzz. Eleven of the most powerful Indian businessmen in the United Kingdom passed through the door of the -recently renovated- Greek embassy residence. It was their planned -since last February, during Mitsotakis' visit to India- meeting with the Greek Prime Minister . It was not a typical get-to-know-you meeting. The eleven powerful businessmen, four of whom are billionaires, sat down for a relaxed lunch, together with Kyriakos Mitsotakis , the head of the Prime Minister's economic office Alexis Patelis , the special advisor for international politics and public diplomacy Aristotelia Peloni, the new diplomatic advisor Milton Nikolaidis and the ambassador Yiannis Tsaousis.

According to completely secure information from "THEMAtos", this private meeting was attended by, among others, Uday Khemka (vice president of SUN Group, investor in renewable energy, businessman and philanthropist), Vindi Banga (head of UK Government Investments, experienced multinational executive, investor and brother of World Bank president Ajay Banga), Kishore Lulla (executive director of the previously listed Bollywood production company Eros Media Group in New York), Vikram Shroff (vice president and Co-CEO of the chemical industry specializing in agricultural production UPL Group). Also, billionaire industrialist Sanjay Kirloskar, the also billionaire businessman in the construction, hotel and real estate sectors Surinder Arora, as well as a member of the powerful Hinduja family, owner of the British Leyland bus manufacturing industry and active in truck manufacturing, lubricants, banking, media, etc.

What did they say?

The chef had prepared Greek food with Indian influences, in an effort to unite the two cultures and make the guests feel at home. Thus, between cheese and pear, or better between kaltsouni and samosas (traditional Indian cheese pies), the millionaire and billionaire investors, businessmen, philanthropists, etc. had the opportunity to exchange, but mainly to listen to the views of the prime minister on burning issues. But also to probe the intentions of the Greek government in a rather exploratory discussion, from investments they want or are thinking of making in Greece, to the economic migration of their families. Since the atmosphere was not that of the formal and formal event that one would expect at the embassy residence, but more of a free round table discussion, the guests were given a tour of the impressive embassy residence (admiring Seferis' office, the reading room that is open to the public two Saturdays each month, and the library with Greek children's books that is currently being built) and listened to the Greek Prime Minister's brief introductory statement. Then, the businessmen took turns taking the floor and bombarded him with questions.

They wanted to know Kyriakos Mitsotakis's opinion on issues such as the global economy, the Draghi report , political and economic developments in Germany and France, the war fronts in Ukraine and Syria , but also on figures such as Ursula von der Leyen , Emmanuel Macron , etc. We learn that the invited guests, economic actors with global activity, presence and influence, did not hide their enthusiasm for the fact that the Greek Prime Minister had a documented answer and opinion on every issue they raised and that he seemed "read", a fact that made the conversation drag on (it lasted a little over an hour and a half) and not focus only on the relationship of the impacts with the Greek economy and diplomacy, as well as attracting investments to the country. Some of them, in fact, stated that, although they were aware that Greece is a safe country (investment-wise, as it provides a stable political, social and economic environment), they felt even more comfortable after this discussion.

Snapshot from a previous meeting between Kyriakos Mitsotakis and Indian Prime Minister Narendra Modi

The... main course

Since the meeting of the most powerful Indian businessmen in the United Kingdom was planned after consultation between Indian Prime Minister Narendra Modi and Kyriakos Mitsotakis and was finalized with the help of the High Commissioner of India in the United Kingdom, the discussion could not remain in... generalities. The representatives of the most powerful Indian businesses and families quickly turned their conversation with the Greek Prime Minister and his -very close-knit- staff to the "details" that interest them most. First of all, for Indian businessmen, the fact that Great Britain - a country with which, for historical reasons, they are closest - deprived them of easy access to the European Union after Brexit is a huge problem. They themselves do not hide their interest in building a new base -from an economic point of view- within the EU, in order to facilitate the economic activities of their businesses with the largest trading bloc on the planet.

Greece is one of the candidate countries for the transfer or expansion of their commercial activities not only because it is a member of the EU and has economic and political stability, but also because of its privileged geographical location between West and East, as well as the friendly culture of the peoples who have been connected since ancient times. Several of the Prime Minister's dinner companions did not hide their exploratory interest in Greece being the base they are looking for for the connection with the EU.

However, it is not only the part of commercial activity with the EU that interests them. On a more personal level, as some of the Indian businessmen explained to Kyriakos Mitsotakis, by April 1, the day the new tax year begins in the United Kingdom, they will leave there, following other compatriots or foreign businessmen in general who have emigrated elsewhere. The reason is the Labour government's abolition of the favorable tax regime for non-doms. This regime had a separate tax (as is the case in the Greek system, up to 100,000 euros for income from global activities), but, most importantly, it provided for exemption from inheritance tax in the country of residence.

If income tax is a small thorn in the side, inheritance tax, for the dynasties, the richest families of India and Great Britain, is not just important. Taxing inheritance by 40%-50% of a huge fortune is also a reason to leave the country and set sail elsewhere, for understandable reasons. Besides, there is already a large trend of powerful families fleeing the United Kingdom to Monaco , Dubai , and even India. Could Greece be one of the friendly destination countries for the migration of these dynasties that... are packing their bags?

And the "fillets"

"Read" was not only the Greek side, but also the Indian side. During the dinner, most of the participating businessmen probed the Greek Prime Minister about specific "filets" of our country, which would interest them not only in the context of acquisition, but also of cooperation, either with Greek businessmen or with the State. Briefly, some of the sectors and their "filets" that... fell on the table were:

• Ports . The heads of commercial and construction groups openly expressed their interest in acquiring a port in Greece or participating in one of them. The port is a central point of interest for Indian businessmen, as their aim is to use it as a gateway to Europe, to promote their products in the Old Continent. Inevitably, the discussion turned from Indian businessmen to the ports of Thessaloniki (in the interests of the French Terminal Link and the group of expatriate businessman Ivan Savvidis) and Alexandroupolis (the vast country's interest had been expressed, during his visit to the port two years ago, by the Indian ambassador to Athens, Armit Lugun, accompanied by his fellow diplomats) even though, according to information, months ago the Indian giant Tata Group had leaked to the Greek side its interest in acquiring a port or participating in a business scheme that operates in them.

• Airports. As was evident from the discussion with the Indian businessmen, they do not see investments in regional airports as a commercial opportunity, but as the starting point for the development of projects around them. The airport in Kastelli, Crete, was used as an -random?- example to describe the development of hotels, conference and shopping centers and other business activities around and in connection with it.

•   Technology companies.India is known to have the third largest high-tech ecosystem on the planet. The recent mobility that Greece has shown to occupy a leading position in the 4th Industrial Revolution has attracted the interest of Indian technology gurus. The acquisition of Greek startups that appear to have enormous potential, as well as the relocation of Indian startups to the Greek ecosystem for easier access to the EU market, are the main issues of interest.

• Food and agricultural production. India, with a population of 1.42 billion people, is now the most populous country on Earth. This population, however, also has increased needs, which, combined with the population and economic expansion of India's middle class, is turning into a food supply problem. Chipita's entry into the country's huge market was a case study and the Indians are looking for Greek companies with which they could collaborate to import Greek agricultural products and food in general, which are popular in the country, into India. The way in which the Indian chemical industry, as well as technological startups, could contribute to increasing Greek agricultural production and reducing production costs was also discussed.

• The migration of Indian workers to Greece. Our country's "importing" of workers that are missing in sectors (such as construction and agricultural production) is something that is being discussed between the two countries. However, what interests the largest Indian business groups is the part that will follow them. The issue, mainly, of their housing, which will mean the construction of workers' housing where they will live with their families. And someone will have to undertake the construction of these housing.

•   Tourism. Investments in hotels and destinations were examined, as well as activities that could direct Indian tourists to Greece.

• Public Transport and electric mobility. Indian businessmen showed that they were aware of the renewal of the city bus fleet that is underway in Athens and Thessaloniki. Some of them, owners and companies manufacturing electric buses and heavy vehicles in general, even raised the possibility of building a factory to manufacture electric buses in Greece, so that they could be sold more easily in EU countries, since after Brexit there are disadvantages in exports to the EU for British factories.

The participants

Among the participants at the lunch with the Prime Minister at the ambassadorial residence in Londoninvestors with activities in heavy industry, banking, construction, tourism, high technology, agri-food, vehicle manufacturing, and even film production were found. These are some of the most powerful businessmen in both India and Great Britain . Some of those who participated are:

Surinder Arora

The "pilot" of construction, real estate and hotels

Businessman in the construction, hotel and real estate sectors

Surinder Arora is one of the richest businessmen in England, with a fortune estimated at more than 1.32 billion euros. He is the owner of the giant British Arora Group, which owns and manages a very diversified portfolio in the most important business and tourist locations in Great Britain.

The group of the billionaire Indian businessman has a large part of its portfolio in the hotel industry, in construction and in property management. Arora's strategy is to focus on hotels near airports, developing into the number one provider of accommodation for airline crews. This is no coincidence, as Arora has a strong personal interest in aviation and maintains close ties with British Airways. His story is particularly interesting, as the one he knew as his family sent him at the age of 11 to "his uncles in England", who, as he discovered, were his real parents. He grew up in poverty, with his mother working 3 jobs to support them. He dreamed of becoming a pilot and that is why he worked in the morning at a British Airways counter and in the afternoon as a waiter at the "Renaissance Hotel" in Heathrow. He did not manage to become a pilot, but today he is the owner of that hotel, as well as others at the largest airports in Great Britain , golf courses, etc.

The billionaire openly told the prime minister that he is interested in implementing the same strategy in Greece, either by acquiring regional airports or developing projects near airports. He seems to be more oriented towards investments in Crete , which he is also interested in as a tourist destination, for the development of hotel units.

Sanjay Kirloskar

The billionaire industrialist

Manufacturer

Sanjay Kirloskar is one of India's most powerful industrialists, as chairman of Kirloskar Brothers Ltd (a company belonging to the Kirloskar Group), one of the country's largest business groups. The industrial group he leads manufactures... everything, although it specializes in the manufacture of pumps, generators and electric motors.

He is considered the key man for access to the colossus - valued at more than $ 3.5 billion - Kirloskar Group, while his personal fortune is valued at more than $ 1.5 billion. As the industrial group he leads usually operates in various sectors in India and abroad, but also due to his institutional role as president of the All India Management Association, Kirloskar could be interested in exports of mainly industrial products to Europe, via Greece.

The Kirloskar family is one of the most powerful and prestigious in India, as their dynasty dates back to the 17th century and they are considered pioneers of Indian entrepreneurship throughout history - indicative of the fact that years ago a stamp was issued by India in their honor.

Uday Khemka

The investor who "sees" RES

Vice President of SUN Group, investor in renewable energy, entrepreneur, philanthropist

Millionaire Uday Khemka is the vice president of the energy company SUN Group, an investor, businessman, and philanthropist. He has a keen interest in investing in Renewable Energy Sources .

Although his family has a huge fortune (which he manages with his three brothers), Uday has the greatest prestige of them all, as in his career he has collaborated on green energy projects with personalities such as former US presidents Bill Clinton and Barack Obama , as well as the current Prime Minister of India Narendra Modi. It is considered self-evident that Khemka focuses his interest on investments in the energy production sector in Greece.

Vindi Banga

The experienced and networked

Head of UK Government Investments, experienced multinational executive, investor and brother of World Bank President Ajay Banga

Vindi Banga may not be the richest, nor the one with the most powerful business. However, he is the one everyone listens to carefully due to his vast experience and contacts he maintains in every corner of the globe. Banga has been a multinational executive. He worked for 33 years at Unilever and is currently chairman of UK Government Investments (UKGI). He has stakes in business entities such as Clayton Dubilier & Rice (CD&R), Haleon plc, The Economist Group, etc.

He has a younger brother, Ajay Banga, who was the CEO of Mastercard and, confirming his informal title as one of the most powerful bankers on the planet, has taken over the position of president of the World Bank.

Kishore Lulla

The man of Bollywood

Executive director of the previously New York-listed Bollywood production company Eros Media Group

As one can easily understand from the use of the word "Bollywood", Kishore Lulla specializes in films, television and cinema productions, social media, etc. Lulla is the executive director and major shareholder of Eros Media World, the first Indian media & entertainment company to be listed on the Stock Exchange (he left this in 2021), while another of his companies was listed on the Mumbai Stock Exchange. Lulla openly expressed his interest in shooting Bollywood films in Greece, giving a different perspective. He explained that, after he shot some films in Spain, the Spanish noticed a 100% increase in their tourists from India. These films, as it turned out, are the best advertisements for the countries in which they are shot...

Vikram Shroff

The Farmer's Man

Vice President and Co-CEO of the chemical industry with specialization in agricultural production UPL Group

Vikram Shroff is an Indian philanthropist and businessman, Vice Chairman and Co-CEO of UPL Group. It is a chemical industry that makes fertilizers, while specializing in products aimed at agricultural production. Shroff himself is the man who for the last 26 years has assumed the role of extroversion of UPL Group, coordinating global activities. He is considered an expert in high-precision agricultural production, sustainable development and corporate governance. Mr. Shroff is theoretically exploring the possibility of collaborations in Greece, with the aim of increasing the production of agricultural products.

Hinduja Family

Bus Factory

Owners of the British Leyland bus manufacturing industry and active in truck manufacturing, lubricants, banking, media, etc.

According to information, a member of the Hinduja family, which, among many others, owns the British electric bus manufacturer British Leyland, was also present at the dinner. With the family managing assets worth over $30 billion and operating in a wide range of businesses, the person in question revealed to the prime minister that the company is interested in transferring its electric bus production plant currently in Great Britain to European territory, and specifically to Greece...