More Indian companies to invest in Japanese Stock exchange

Kolkata, Mar 13 (UNI) Despite the low interest regime, a number of Indian corporate giants have made beelines to invest in Japanese Capital Market through the Tokyo Stock exchange to expand their global investment portfolios further.

This was informed by Chief Representative in India of the largest Japanese investment firm Daiwa Securities Company Yoshihiro Hasegawa during an interactive session with the media here today.

Hailing the considerable growth of the Indian economy during the past few years and its inherent strength to absorve the global volatility, Mr Hasegawa, based in Mumbai, said since last year Indian IT giant Infosys and leading financial institution ICICI Limited had listed themselves in the Japanese Stock exchange in Tokyo and invested to the tune of 1.5 billion dollars in the Nikkey towards various corporate funds.

He said since Infosys and ICICI Bank had first entered the Japanese Capital market through an ADR Bond in Februay last year, both the companies had been doing considerably well. This had prompted Infosys to go for a fresh GDR bond, again through the Nikkeys, in October 2006, Mr Hasegawa informed.

Asked whether any other Indian companies, encouraged by the performance of Infosys and ICICI Limited, had decided to invest more money in the Tokyo Stock Exchange, the Chief Representative of Daiwa Securities sounded very cautious in providing any direct reply, but made it clear that a number of Indian corporates giants in different sectors had evinced keen interest in entering the Japanese capital market in a bid to explore areas of overseas market.

Earlier, providing an overview of the Japanese economy and the growing interest among the Japanese investors in investing in India, Mr Hasegawa said several Japanese companies had invested to the tune of 55 billion yen jointly with Indian Railway Finace Corporation and the EXIM Bank of India in three separate fund namely IRFC Samurai, Exim Bank Samurai and IRFC Euroyen.

At least ten India Equity Funds were also in operation in Japan and on the basis of their success the Japanese Government was planning to open the 11th one soon, Mr Hasegawa said without elaborating further but hinted that the plan was yet to be finalised.

The interaction with the Chief representative of Daiwa Securities was organised by the Indian Chamber of Commerce. Among others Japanese Consul General in Kolkata and the ICC Secretary General Rajive Singh were present.

UNI