Conglome plans overseas investment

Hyderabad: Conglome Industries, a group company of Visu International, is looking at investing Rs 500 crore in the first phase for expansion in Africa, Myanmar and Vietnam.

Mr C.C. Reddy, Chairman, Visu Group of Companies, told presspersons recently, “We have identified 11 sectors in agriculture, education, mini-hydro power generation and distribution, roads, housing, bore wells, manufacturing of ethanol and alcoholic & non-alcoholic beverages to make the investment.”

The company intends to raise the required capital from equity, banks and partners.

The promoters of Conglome Industries, he said, have also identified companies in Uganda, Ghana, Nigeria, Benin, Burkina Faso, Angola, Congo, Tanzania, Sudan and Burma for acquisitions and also to further consolidate, expand and diversify those companies.

“We have identified eight companies and the cost of acquisition is Rs 100 crore. Out of which Rs 25 crore will be equity and the rest raised from foreign funding,” he said.

Conglome, he said, is also looking out investing in agricultural ventures in Africa. “The business model that we are looking at is either to sub-lease the land after getting it from the Government or by developing a co-operative and incorporating local farmers in the co-operative,” he added.

According to him, Visu proposes to establish primary and secondary schools, business management institutions and computer training institutions in various African countries.

Apart from this, Visu intends to set up global schools in Hyderabad, Visakhapatnam, Ghana, Uganda and Myanmar. Mr Reddy said that they are also on the look out for buying universities in Australia and the US by 2010.