QInvest takes 28% stake in India’s ABECL

Deal to grow Qatar lender's share of exhibition market, value of transaction not disclosed
QInvest takes 28% stake in India’s ABECL
LONDON ASSET: QInvest owns 80 percent of the Shard of Glass skyscraper in London
By Joanne Bladd
Thu 11 Nov 2010 01:16 PM

QInvest, Qatar’s largest investment bank, has acquired a 28 percent stake in India’s Asian Business Exhibition & Conferences Ltd (ABECL), the company said on Thursday.

The deal will be used to tap India’s growing exhibitions sector and expand ABECL’s operations, said QInvest in a statement on the company website. The value of the stake was not disclosed.

“We… see tremendous potential for the company in the growing Indian trade exhibition market,” said Shahzad Shahbaz, CEO of QInvest.

“This investment fits well into our strategy of supporting well-managed companies with strong growth potential in the MENASA region, and demonstrates our confidence in the Indian economy and our appetite to deploy capital in the country.”

QInvest, whose shareholders include Qatar Islamic Bank, has a paid-up capital of $500m.

In October Shahbaz said the company may launch an initial public offering on Qatar's exchange late next year.

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