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19 September 2001.

DANISH FUND OPENS OFFICE IN DELHI: READY FOR NEW WAVE OF INVESTMENTS

Denmark's Industrialization Fund for Developing Countries (IFU) opens a liaison office in New Delhi on Monday 17 September.

IFU is a self-governing developmental investment fund owned by the Government of Denmark. IFU’s objective is to promote economic activities in developing countries by investing in joint ventures with Danish companies in these countries In India IFU has participated in 50 project companies in co-operation with Danish and Indian partners. These 50 companies are spread over a number of industries ranging from an investment of INR 5 million to INR 6 billion.

IFU believes that Danish interest to invest in projects in India continues. In year 2001 IFU expects 3-4 new investments, as well as an increasing number of additional investment in several existing projects.

IFU has had an office in Chennai since late 1997. Chennai was chosen as the location since it was considered the geographical centre for the region that the India office would cover. The office covered India and the neighbouring countries in South Asia where there were many Danish investments. In recent years, however, most Danish investments in the region have been in India. It was therefore decided to move the office from Chennai to New Delhi also enabling the office to be closer to Indian governmental institutions and the Danish embassy.

The staff at the IFU office in New Delhi will also cover Bangladesh, Bhutan, the Maldives, Nepal and Sri Lanka. IFU has participated in 20 investments in these countries.

An energetic young team staffs the office. It is headed by Deepa Hingorani, who holds a Masters degree in Finance and an Executive MBA degree from SIMI the Scandinavian International Management Institute in Copenhagen, Denmark. She has worked with IFU since 1995 both in India and in Denmark.

Other staff members are Sudhir Dravid and Kesavan Narayanan, both engineers and holding MBA degrees.

The official opening of IFU’s office in New Delhi will take place in the presence of the Danish Ambassador (Designate) to India, Mr Michael Sternberg, and IFU’s Indian and Danish business partners.

For further information, please contact:

Managing Direktor Sven Riskær tel. +45 33 63 75 00 or
Deepa Hingorani tel. 0091 11 321 71 60