- Prime Minister Narendra Modi met Japanese Prime Minister Shinzo Abe, top officials of the Japanese government and prominent business leaders and pitched for investments into India.
- Keiichi Igarashi, president of Igarashi Electric Works, did not attend the meeting between Modi and the businessmen, but heard enough about it to make him rue a missed opportunity.
- In 2010, Igarashi had sold its stake in Chennai-based Igarashi Motors to a local auto component player, HBL Power Systems.
- After hearing Modi’s pitch for ‘Make in India’, Igarashi felt that he had a made a mistake in selling out, but he is determined to make amends now as the business conditions have vastly improved.
- A quick conversation with IMIL’s CEO and 33 per cent shareholder Mukund Padmanabhan clarified matters further.
- In a few days from now, Igarashi will announce the purchase of Blackstone’s stake in IMIL.
- The private equity arm of Tata Capital will invest about $33 million to become a partner.
- Investment banking firm MAPE Advisory Group will invest $9.4 million for a small stake.