Landomus Realty Ventures, a company based in the US, has released statements via advertisements and on its website stating it wants to invest $500 billion in equity into India's National Infrastructure Pipeline (NIP).
The company has appealed directly to Prime Minister Narendra Modi in the statement.
The relatively unknown US-based company Landomus Group has announced a Build India programme under which it would like to invest $500 billion in equity as the first phase of the $2 trillion investment. This would be into the National Infrastructure Pipeline (NIP) and Non-NIP projects listed by the Government of India under the India Investment Grid for "Invest India" initiative.
Landomus announced this through a newspaper advertisement addressed to Prime Minister Narendra Modi. Eyebrows are being raised as to why ads are put out for investments into NIF addressed to PM Modi when there are well laid-out channels for foreign and domestic investors, IANS said.
Landomus said Government of India, under its Invest India initiative, has created India Investment Grid (IIG) which outlines the National Infrastructure Pipleline (NIP) and Non-NIP projects, which it aims to complete by 2025, with a vision to provide quality lifestyle to its citizens, make India a global destination and reach the target of $ 5 trillion economy.
"Due to the COVID pandemic and the resulting loss of lives and livelihood, it is the need of the hour to invest in NIP and Non-NIP projects to boost the economy and generate jobs", it said.
Build India initiative by Landomus Realty Ventures, aims to invest $500 Billion in Equity as the first phase of investment out of $2 trillion and complete the NIP and Non-NIP projects through its group of investors and developers.
"Build India also aims to provide covid health care to the citizens of India to create a covid free and a healthy India", Landomus led by Pradeep Kumar Satyaprakash said.
In the advertisement addressed to PM Modi, Landomus said it aims to assist the Government in its endeavour to rebuild India.
"Landomus Group requests you to provide us an opportunity to contribute towards your vision of a New India", the ad said.
The website of Landomus Realty Ventures Inc lists a New Jersey address. The website has no other details of its businesses, net worth or financials.
The Chairman and CEO is Pradeep Kumar Satyaprakash and directors are Mamatha H. N, Yashas Pradeep Kumar, Rakshith Gangadhar and Gunashree Pradeep Kumar.
The Indian entity is called Landomus Realty Ventures Private Limited incorporated on 17 July 2015. It is classified as non-govt company and is registered at Registrar of Companies, Bangalore. Its authorized share capital is Rs 1,000,000 and its paid up capital is Rs 100,000. It is involved in Real estate activities with own or leased property. [This class includes buying, selling, renting and operating of self-owned or leased real estate such as apartment building and dwellings, non-residential buildings, developing and subdividing real estate into lots etc. Also included are development and sale of land and cemetery lots, operating of apartment hotels and residential mobile home sites.(Development on own account involving construction is classified in class 4520).]
Landomus Realty Ventures Private Limited's Annual General Meeting (AGM) was last held on September 30, 2018 and as per records from Ministry of Corporate Affairs (MCA), its balance sheet was last filed on March 31,2018.
National Infrastructure Pipeline
In February 2021, Finance Minister Nirmala Sitharaman proposed to significantly enhance capital expenditure to Rs 5.54 lakh crore in the next fiscal, besides creating institutional structures and giving a big thrust to monetizing assets to achieve the goals of the National Infrastructure Pipeline (NIP).
Sitharaman said NIP, that was launched in December 2019 with 6,835 projects, has now been expanded to 7,400 projects and around 217 projects worth Rs 1.10 lakh crore under some key infrastructure ministries have been completed.
Presenting the Union Budget 2021-22 in Parliament, Sitharaman announced that NIP is a specific target which the government is committed to achieving over the coming years. It will require a major increase in funding both from the government and the financial sector, she said.
(With IANS inputs)
