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Hong Kong-based JB Group, will invest 15 billion rupees (380 million dollars) in mining activities and the hospitality sector in India over the next fiscal year, a news agency reported Sunday.The globally diversified JBgroup plans investments from the Indian financial year which begins April 2008, the IANS reported quoting company officials.
"We've firmed up plans for investing between 10 billion and 15 billion rupees in the mining and hospitality sectors and in promoting two-way trade between India and the global markets," JB Group vice president for corporate affairs Jatin Chukte told IANS.
He said the company was evaluating prospects for acquiring iron ore, bauxite and limestone mines in four Indian states, as well as setting up a hotel in the south-western state of Goa famous for its beaches. It would also look at two other states Jharkhand and Chhattisgarh for mining operations.
"We will also set up a greenfield steel plant in one of the southern states. A core team of 15 professionals is working on the roadmap for this," he told the IANS.
The 3-billion-dollar JB Group is named after its founders Jivraj Surani and Bhagwan Kukadia, both Indians. Founded in 1965 as a diamond-polishing company, the group started using Hong Kong as a global launch pad since 1993.
It now operates in markets across the globe with a broad and rapidly expanding portfolio in mining, oil, gas and alternative energy, real estate, international trade and consultancy, and diamonds. The group has offices and operations in markets across Asia, Africa, US and Europe with over 18,000 employees.

Copyright Deutsche Presse-Agentur, 2007

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