A delegation from the Australian superannuation funds industry may visit India later this year to explore investment opportunities, according to media reports.
“They want to look at it and they want to understand it,” said London-based private equity fund Greater Pacific Capitals CEO Ketan Patel, in a media interview, after his recent visit to Australia.
Mr Patel added that while in the past, Australian firms were worried that India was riddled with red tape and corruption, but can now see that the new government is addressing each of these issues. He added though that super funds needed to be cautious about placing India in the emerging markets category.
Finance Minister Arun Jaitley is reportedly planning a visit to Australia in April as part of the Make in India programme and his brief will be to invite superfunds to invest in India. His visit will be supported by private equity fund Greater Pacific Capital that has invested more than USD 500 million in India in over the past decade.
Currently, Australia and India are actively negotiating the free trade agreement. Relations between India and Australia have grown stronger in the last few years with both the countries signing agreements such as the civilian nuclear cooperation agreement, which opens doors for the much-needed uranium supply for India’s nuclear reactors.