UAE-based Lootah Group Zeroes in on India Infrastructure, Oil and Gas, Energy, IT and Health Sectors for Partnership

Successful visit to New Delhi and Kerala, delegation meets ministers and industry leaders to explore possible partnerships

To join hands with Indian businesses following MoU with Hyderabad - based IVRCL Infrastructures & Projects Ltd to develop infrastructure projects in India and the region

Delhi, August 24, 2007: The UAE-based multi-billion dollar business conglomerate, S. S. Lootah Group, which has varied investment interests across a broad spectrum of industries in the UAE, Asia, Africa and Europe, has zeroed in on Infrastructure, Oil and Gas, Energy, Information Technology and Health sectors in India and has identified potential partners after a four day visit to India.

"We have had fruitful discussions with potential partners across various sectors of interest in India and are in advanced stages of discussions with possible partners for operations in India and third countries," said Eng. Yahya Lootah, Vice Chairman of S.S Lootah group. Eng. Yahya led the delegation to India. The delegation visited New Delhi, Thiruvanathapuram and Kochi in India.

In Thiruvanthapuram, the delegation visited the Technopark campus and met a delegation led by Kerala's Industries Minister Mr.Elamanam Karim. In Kochi, the delegation visited the Kumarakam resort and appreciated the natural beauty of the region. The delegation also met the senior representatives of Kerala State Industrial Development Corporation, Technopark and KIM hospital.

In New Delhi, the delegation had met Union Minister for Health, Mr. Ramdoss, Minister of State for Unconventional Energy Mr. Vilas Muttemwar and Minister of State for External Affairs Mr. E Ahmed. The delegation also explored avenues to work with GAIL, NTPC, ONGC and Bharat Petroleum in third countries.

"We are highly satisfied with the level of interest and our teams will work out the modalities of cooperation in the next few weeks," said Eng. Yahya. The S.S Lootah Group is to open its representative office in India this year.

The fully-owned subsidiary in India will be an arm of the Group's international operations under S.S. Lootah International.

Commenting on the Group's entry into India, the second fastest growing economy in the world after China, Eng. Yahya said: "Our aim is to explore avenues which lead to human development, apart from bringing in investment. About 40 per cent of our workforce in the UAE is from India and it is time for us to give them back at their home world class infrastructure and amenities."

SS Lootah group is the first private sector entity from the UAE to set up a permanent base in India in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister of the UAE and Ruler of Dubai, to enhance the bilateral relations between both the countries.

"We are overwhelmed that our efforts at seeking partnerships in various sectors are bearing fruits," said Mr. Yahya.The total FDI from the Gulf countries till 2006 was only US$2 billion despite investments in India is reported to offer returns in the range of 19.3 per cent compared to 14.7 per cent in China according to an assessment by the US Department of Commerce.

Cumulative trade between India and the UAE has grown substantially over the years and was to the tune of over US$18 billion during April 2006-February 2007 compared to over US$11 billion during the previous corresponding period in 2005-2006. The UAE is the second largest destination for India's exports after the US.

Source : Equity Bulls

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