London-based entrepreneur to invest in India

BRITISH ASIAN businessman Sukhpal Singh Ahluwalia has said he will invest up to £10 million in the north Indian state of Punjab.

The founder of the property company Dominvs Group and automobile parts distributor Euro Car Parts said he would back “ambitious young entrepreneurs”.

"Punjab is my ancestral homeland, so it has always been a priority for me to invest in businesses that deliver a strong social return, creating opportunities for people across the region,” said Ahluwalia.

He told Eastern Eye he would like to invest in businesses with a focus on construction, hospitality and distribution, where he has experience.

Announcing his investment plans during a recent visit to India, Ahluwalia said he will identify opportunities in start-up, mid-sized and private equity levels, as well as joint-ventures with other Indian and global investors in the region.

He also wants to explore opportunities in healthcare, agriculture and education that “traditionally have had the highest levels of social impact”.

India’s growing economy is offering “exciting business opportunities”, Ahluwalia said, adding, he will scale up his personal investments with a view for “high (growth) potential”.

"Whereas I have spent the first few decades of my career building businesses in the UK, the next few will be focused on India and growing businesses there. I encourage all successful people who have built businesses outside India to consider investing in India because there has never been a better time to do so," said the Uganda-born businessman who recently joined the board of Mumbai's kitchenware and homeware retailer thinKitchen.