UAE firms eyeing India for funds and expansion

More UAE firms are turning to India for funds and expansion in order to benefit from the resilience of the country's economy to the global financial crisis.

While Dubai-based alternative investment firm Evolvence Capital on Wednesday launched its third India-focused fund, UAE's incumbent Etisalat looked set to strengthen its presence in the Indian Subcontinent with reports suggesting it is close to buying a 26 percent stake in Reliance Communications.

Meanwhile, Zulekha Hospitals, a UAE-based health care group, said on Wednesday that it is planning to expand and restructure its affairs in the UAE and the Indian subcontinent. Clyde & Co, a leading law firm in the Middle East, is advising Zulekha on the restructuring as well as obtaining a $24 million convertible loan facility from the IFC, a member of the World Bank Group.