Thursday, Sep 30, 2004
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By Our Special Correspondent
NEW DELHI, SEPT. 29. After nearly a decade, Sweden is looking at India once again as an investment destination. A Swedish venture capital company today announced that it would invest $4 million in the infrastructure equipment rental company, Indian Infrastructure Equipment Ltd (IIEL). Swedfund International AB had picked up 17.24 per cent equity in IIEL, the senior investment manager of the company, Arne Georgzen, told newspersons. Observing that the Indian construction sector was fast catching up with China, he said his country was looking forward to associating with more projects in India but investments would be made only in those companies which have some "connections" with Sweden. Meanwhile, Sunil Kanoria, chairman and managing director of IIEL, known by the brand name Quipo, said the investment would help strengthen the company and offer a wider range of services. There were many opportunities to expand the business, given the pace at which infrastructural development was taken place in the country.
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