Kingdom Holding, Tata mull joint investments
Riyadh, October 13, 2009
Kingdom Holding, controlled by Saudi billionaire Prince Alwaleed bin Talal, and Indian conglomerate Tata Group are examining unspecified joint investment opportunities, the Saudi firm said on Tuesday.
Kingdom Holding, one of the largest shareholders in Citigroup, said Tata Group's chairman Ratan N Tata, has held a meeting with Prince Alwaleed in Riyadh.
'Tata said his visit was exploratory in order to find potential investment opportunities between Kingdom Holding and Tata Group. The two also exchanged general strategic ideas related to various areas of investment,' it said.
Tata was accompanied by Ravi Kant, vice chairman of Tata Group and Ralph C Taylor, chairman of the board, Taylor Co. The meeting was also attended by a team from Kingdom Holding that consisted of Ahmad Halawani, executive director of Private Equity, Shadi Sanbar, chief financial officer, Nahla AlAnbar, private executive assistant to Prince Alwaleed.
Tata Group presented 'a number of potential investment projects' which will be examined further by the two parties, it added, without giving further details.-Reuters and TradeArabia News Service