Asia-Pac region anchored from UAE, followed by Africa will be the next frontier of growth for the Hinduja Group in 2023
New Delhi, 03rd January 2023: A century-old Indian multinational conglomerate with diverse interests ranging from banking to automobiles, the Hinduja Group will continue to think local, act global to beat recessionary fears plaguing global economies. Asia Pac region anchored from UAE followed by Africa will be the next growth frontier for the Group.
Mr. Gopichand P Hinduja, Co-Chairman, of Hinduja Group, said, “Our group, which is more than 108 years old, has seen and overcome multiple recessionary cycles successfully. Historically, India has been and will remain, a focus area for us. With UAE’s new reforms and policy announcements, the makings of the new ‘Capital of Global Wealth’ is evident. In line with our founding principle – think local, act global – we are well invested in the UAE. We believe the Asia-Pac region, especially anchored from UAE, will be the next frontier of growth, followed by Africa.’’
While, the Group has been selective in picking its sectors of growth it will continue to invest in retail/consumer banking, green mobility, and renewable energy. ”The Hinduja Group will continue to invest in retail/consumer banking business. Several of our growth engines – for example, renewable energy and green mobility – are tied to stable consumption sectors and are resilient during such times. We have always stayed with and ahead of the curve, be it the communication revolution, the IT revolution, and now, the digital revolution. We have long-term strategies in place for various businesses,’’ said GP Hinduja.
Ashok Leyland will continue to invest in EV strategy. ”The transition to EVs has already started, particularly in the two-/three-wheeler segments where we are not present. Moving to bus and light commercial vehicles will pick up speed as the supporting infrastructure of charging and green fuels like hydrogen replace conventional fuels. Ashok Leyland is adopting creative strategies such as providing Mobility as a Service (in other words, pay-per-km) to offset the initial high capital cost of the acquisition of EVs for its customers. Medium and heavy commercial vehicles will perhaps be the last ones to make this transition,’’ said Mr Hinduja.
The Hinduja Group recently signed a MoU with the government of Maharashtra to invest Rs. 35,000 crore in 11 sectors including infrastructure, biotech, Electric Vehicles, manufacturing, and health.