QInvest buys stake in Indian expo firm
Doha, November 10, 2010
QInvest, a leading investment bank in Qatar, said it has acquired a 28 per cent stake in Asian Business Exhibition & Conferences (ABEC), a leading exhibitions and conferences organiser in India.
A major player in the fast growing trade expo sector in India, ABEC's portfolio comprises 15 exhibitions consisting of 65 events spread across nine industry verticals, including world-class events such as ACETech.
ABEC is also a leader in segments such as Education, Realty and Lifestyle.
Shahzad Shahbaz, chief executive officer of QInvest, said: “We are impressed by ABEC’s achievements in the past few years and see tremendous potential for the company in the growing Indian trade exhibition market. We are pleased to partner with the Gandhi family and to support ABEC’s effort on its remarkable growth path.”
“This investment fits well into our strategy of supporting well-managed firms with strong growth potential in the Mena and South Asia region, and demonstrates our confidence in the Indian economy and our appetite to deploy capital in the country,” he added.
With this deal, QInvest, which has an authorised capital of $1 billion and paid up capital of $750 million, will take a seat on ABEC’s board of directors, Shahbaz added.
Although in its infancy compared to other Asian markets like China and Japan, the Indian trade exhibition market is expected to expand substantially as a result of the country’s rapid GDP growth and its increasingly important role in global trade.
The proceeds from the investment will be used to further expand ABEC’s operations in India and to establish an international presence, said Surendra Mohan Gandhi, chairman of ABEC.
'Partnering with QInvest will accelerate our endeavor of institutionalizing ABEC. We are delighted to be working with QInvest to benefit from their experience in helping organizations through this kind of transition,' Gandhi stated.
'QInvest shares our enthusiasm for the growth opportunity ahead of us. This partnership will greatly benefit all ABEC’s stakeholders and help us deliver the highest standards of service to our customers,' he added.-TradeArabia News Service