Hinduja brothers target UK
Nov 24 2007 by Peter McCusker, The Journal
THE billionaire Hinduja brothers yesterday signalled their intention to target business opportunities in the UK.
The Indian-born brothers, Srichand and Gopichand, have hired former investment banker Stefan Kosciuszko to look at possible acquisitions in the UK and in Europe.
Mr Kosciuszko, formerly a banker for Schroders and chief executive of UK-Asian business forum Asia House, has been made chief of staff of the Hinduja Group, and chief executive of its project development arm, Amas-IPS.
A statement said: “As part of his brief Mr Kosciuszko will be looking at possible acquisitions in the UK and Europe, focusing on growth opportunities that will complement the group’s Indian ventures.”
Hinduja Group owns banks in India and in Switzerland, as well as businesses including Gulf Oil and truck manufacturer Ashok Leyland.
Earlier this year the company bid for Hutchison Essar, the fourth-largest mobile phone company in India, but was eventually beaten by Vodafone.
Group president Gopich- and Hinduja said: “The group is growing fast and is well- placed financially to make the most of current global market conditions.
“Our focus will be to grow internationally from our highly-successful core markets in India.”
Srichand, 71, and Gopichand, 67, two of four brothers, moved to London in 1979 to continue building up the business founded by their father in 1914.
They came to national attention in 2001, over the British passport scandal which resulted in Peter Mandelson’s second resignation.
Mr Mandelson quit his post as Northern Ireland Secretary after he was accused of helping one of the brothers get a UK passport, in return for a donation of £1m towards the faith zone of the Millennium Dome. He was cleared of any impropriety after an inquiry.
