One of their firms is also the state’s key partner in a development launched last November to bring commercial oil production to northern Nigeria for the first time — a pet project of former President Muhammadu Buhari who recently stepped down
Nitin and Chetan Sandesara started a group over almost two decades that pumps about 50,000 barrels of oil a day from two onshore licenses and now aims to double that output with a third permit, reported bloomberg.com.
One of their firms is also the state’s key partner in a development launched last November to bring commercial oil production to northern Nigeria for the first time — a pet project of former President Muhammadu Buhari who recently stepped down.
His successor, Bola Tinubu, also praised the initiative, saying the “discovery will provide a multiplicity of opportunity and great prosperity” for Africa’s largest crude producer.
The tycoons — who left India six years ago — deny cheating their lenders and say they wanted to reach a settlement with the banks. They argue that Indian Prime Minister Narendra Modi’s government is waging a political vendetta against them. While their troubles in India are showing no signs of abating, the brothers’ ties in the West African nation are deepening, and their fortunes growing
Yet, India’s top investigating agency — the Central Bureau of Investigation (CBI) — has accused the Sandesara brothers of absconding after defrauding public banks of more than $1.7 billion and filed charges in 2019. It’s “one of the largest economic scams in the country,” according to the CBI.
From the 1980s in India, the brothers transformed a family tea-trading business into a conglomerate spanning oil and gas, health care, construction and engineering. They also owned one of the world’s largest manufacturers of pharmaceutical-grade gelatin that was sold last year in a deal approved by India’s bankruptcy court.
The tycoons — who left India six years ago — deny cheating their lenders and say they wanted to reach a settlement with the banks. They argue that Indian Prime Minister Narendra Modi’s government is waging a political vendetta against them. While their troubles in India are showing no signs of abating, the brothers’ ties in the West African nation are deepening, and their fortunes growing.
*****************************************************
Readers
These are extraordinary times. All of us have to rely on high-impact, trustworthy journalism. And this is especially true of the Indian Diaspora. Members of the Indian community overseas cannot be fed with inaccurate news.
Pravasi Samwad is a venture that has no shareholders. It is the result of an impassioned initiative of a handful of Indian journalists spread around the world. We have taken the small step forward with the pledge to provide news with accuracy, free from political and commercial influence. Our aim is to keep you, our readers, informed about developments at ‘home’ and across the world that affect you.
Please help us to keep our journalism independent and free.
In these difficult times, to run a news website requires finances. While every contribution, big or small, will makes a difference, we request our readers to put us in touch with advertisers worldwide. It will be a great help.
For more information: pravasisamwad00@gmail.com