Opportunities for collaborations and investments looking for in Hellas the Indian giant Adani Groupin the context of the new era in which they put them Greek-Indian relations the prime ministers of the two countries Kyriakos Mitsotakis and Narendra Modi. “In an international landscape with several challenges ahead, Greece and India have today and in the future mutually beneficial opportunities“, says in an interview the president of International Relations of the group, Sihir Priyandarsi. “I firmly believe that the relations between the two countries will take off in the coming years“, he adds, explaining that in this context the Adani group is trying today to outline the conditions of the Greek reality and the perspectives that are opening up in the context of the wider penetration strategy that has begun in the Mediterranean basin and Europe.
Our conversation took place on the sidelines Delphi Economic Forumin which he participated in a lightning trip of about 36 hours, but enough to meet, he says, ministers of the government and representatives large Greek business groups.
It is noted that with a turnover of approx $33 billion in 2023net profits approx 3 billion dollarsamong others, ten listed companies and above 29,000 employeesThe Adani group is one of them three elder of Indiawith one huge range of activities: ports, airports, logistics, shipping, railway, resources, electricity production and distribution, Renewable Energy, natural gas and infrastructure, agriculture, real estate, public transport infrastructure, financial services, defense, etc. And the founder of the group, Gautam Adaniin accordance with “Forbes“, has a personal property of up to 84.3 billion dollars and therefore is o 16th in the list of the richest people in the world.
– India and Greece are in a phase where they are trying to strengthen their economic relations in a generally fluid international environment with several challenges. How feasible is this? Could the India-Middle East-Europe Economic Corridor (IMEC) be the catalyst?
I will also answer as a former bureaucrat, having served for over 20 years at the World Trade Organization (WTO) and of course in my last role at the Adani Group. The relationship between Greece and India has always been strong and the reason is that the two countries share some strong fundamental values. They believe in Democracy, law and justice. Rather, it is a relationship cultivated “from the bottom up” through contacts between the two peoples. Besides, for many years there have been many Indian families living and working in Greece. Later these relations were strengthened by excellent and active diplomats. And slowly now this relationship has reached the high levels.
And many factors contribute to this, which I believe work favorably for the relations between the two countries. Since Mr. Modi was elected prime minister, India has been trying to forge strong and multi-layered relations with a range of countries. Relations that were initially only political but are developing into strong economic ones, something that is also being attempted with Greece. In other words, how can economic relations that may be limited today to the exchange of some goods become more complex.
This has also been catalytically helped by the following, which I also consider extremely important: the fact that India’s leadership, contrary to the general perception of many states in our region that relations with the West can be limited to constructive cooperation only with the great powers , makes this multiple opening. Mr. Modi believes that every link between different democracies regardless of geographical location is important, whether it is in the Middle East, or in various parts of Africa, or in Europe, with countries like Greece.
From this point of view, I firmly believe today that the relations between the two countries will take off! And I think things are moving fast. I don’t know, for example, many cases of two leaders exchanging official visits so soon to each other…
So now this “bottom-up” relationship, as I said before, is now evolving into “top-down” as well. The Indian prime minister has given strong messages and directions about how important Greece is for India, as I imagine the Greek prime minister has done the same. So our ties can and will be strengthened.
In regards to IMEC, which you asked about being the catalyst: again, not having any inside information, but from my experience, I don’t think that alone will act as a catalyst for this strengthening of the relationship. It is certainly important as a strategy for India. But I think it will bring many opportunities. Usually such global strategies have both opportunities and challenges. I want to believe that for Greece and India there are not so much challenges as opportunities of mutual benefit. IMEC has a long way to go, but the news is positive and its purpose important as it attempts to connect Europe, the Middle East and India.
– For the Adani group, which has a huge range of activities, is Greece a country it is interested in doing business in? If so, in which areas?
The sectors in which the group is active are many. Its dispersion is wide. Among other things, it is one of the fastest growing and leading forces in the world of construction. Within India I would say we are across the spectrum of infrastructure, from airports, ports, arterial roads to power generation, RES, grids and so on. The group’s strategy based on the vision of its founder Gautam Adani is also geographical dispersion. And this is usually done when there is not only one area of interest. Usually the group builds positions and is active multiple times. For example, if a country had a construction or privatization program, etc. of an airport and at the same time its market also has great opportunities in real estate, this is always a great motivation for our activity there. In short, we seek to offer ground and opportunities on multiple levels. And this helps, you know, to compensate for a possible risk that you can take with an investment. As far as Greece is concerned now, I would tell you that yes, we are 100% interested, especially as the relationship between India and Greece goes to the next level. So we look for opportunities and channels in a wide range of activities and know-how that we have. For example, in RES. We are building one of the largest RES parks in the world, the Khavda Energy Park, which will have a total capacity of 30 GW! Already 1 GW has entered the electricity grid and within 5 years we will have completed it. By this I mean that we can see many things in Greece as well. So, as long as the opportunities are there, we will look at them so that we can invest.
– After the visit of Indian Prime Minister Modi to Athens last summer there was a rumor that your group would be interested in one of the ports of northern Greece, which was connected on the one hand to the fact that you had already taken the first step in the Mediterranean by taking over through a joint venture the port of Haifa in Israel and on the other with the economic corridor IMEC. Does this apply?
First, let me tell you that the group manages 13 major ports in India, east and west of the country. Also in recent years it has built its international presence in Sri Lanka, Myanmar and Israel. For Greece, I will answer you roughly the same as before. If there is an opportunity, e.g. a privatization or a port sale, I’m sure the group would be interested on commercial terms. Of this there is no doubt. Now as to whether we have reached a point, as some rumors circulating in the press at the time might imply, I can tell you that, no, we are not there. We must first present the opportunity, examine it in technical and commercial terms, and then act. Certainly a favorable development of the relationship between India and the Greek government plays a role in this. No one wants to invest in a country when political relations are in doubt. On the other hand, however, with the same conditions you also see the opportunities that may exist elsewhere in the wider region. For example, there are discussions taking place with Egypt or Morocco.
– Is the Adani Group more interested in Europe or the Middle East and North Africa?
The question here is not whether the group is trying to enter Europe. It has more to do with how he will allocate his resources. And he will do this where the best opportunities are. Currently we have a strong international presence in SE Asia, especially in our neighboring countries, also in Laos, Indonesia and so on. With Africa, too, we have a strongly growing investment relationship. In the Middle East we have invested in the United Arab Emirates, where we maintain special relations and now we are trying to enter Europe. Of course, it is more expensive to operate in Europe and we cannot be as competitive as elsewhere in the world. So we are looking for the right formula.
– You were a director at the World Trade Organization for many years. All analysts agree that global trade after 2020 and the COVID-19 pandemic is changing. What does this mean for India and Europe, especially as negotiations on a free trade agreement are underway?
The truth is that world trade is growing but it does not cease to face difficulties. So does the World Trade Organization. At the recent WTO Ministerial Conference in Abu Dhabi, consensus appeared to be lacking and yet another opportunity to genuinely improve the terms of world trade was missed.
Since then, however, there have been many regional agreements pursued, such as the one between India and the E.U. for free trade. When that happens, because I believe it will, it will have a positive impact overall on India’s trade with the EU. And of course, due to the geographical proximity as well as the strong political relations, Greece will be the first among equals in the new era that will begin.
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