A Reuters report says that Donald Trump is planning "substantial investments" in India's property and hotel sectors, betting on Prime Minister Narendra Modi-led new government's efforts to revive the economic growth and boost infrastructure.
"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 Group.
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.
Trump has yet to make an equity investment wihin India; the Trump Tower in Mumbai is via a licensing pact with Lodha. According to VC Circle, he did not clarify through which mode he is looking to invest in the country and how much.
Trump Mumbai will have 320 luxury apartments in a 75-storey tower in the up-market Lower Parel area of Mumbai. The tower will consist of three-, four- and six-bedroom apartments. The project is expected to be completed over four to five years.
"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 three, four, five years ago. It was different."