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Swami India International invests $50 mn in Africa

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Accra: Swami Indian International, an Indian realty company has invested more than $50 million to construct houses in three African countries Ghana, Senegal, Gambia Tarun K Singh the company’s project manager said.

“Last year, the African Development Bank (AfDB) said Africa was growing with an urbanization rate of 3.4 percent, with cities across the continent experiencing the fastest urban growth rate globally. Unfortunately, it looks like this is not being matched by the ability to provide affordable houses,” Singh said.

“The Swami India Group has, therefore, entered a market that has real demand and is perhaps providing what governments across the continent are not able to do,” he added.

He said the company first decided to enter the accommodation market in 2004 with an investment of $500,000 in Gambia and built 169 units and a land sale project with 177 units.

“Even this is just a tip of the iceberg of how accommodation could be solved in Gambia as like other African countries, more and more continue to be without decent accommodation,” he said.

“This increasing demand has not been met by a proportionate increase in supply, resulting in widespread shortages of affordable housing units in Africa and the proliferation of informal settlements across the continent,” the AfDB had said, adding: “The related consequences and challenges are enormous not only in economic and financial terms but also in terms of human development and social dimensions.”

It is in this context that Swami India’s decision to blaze a trail in the housing market must be seen as an effort to assist governments in the countries where the company is operating and solve a deepening social problem, Tarun Singh said.

Though “the assistance from the governments has been significant,” he was quick to add that there have been challenges as the company prepares to venture in Sierra Leone and Liberia.

“We are not daunted,” he said, adding he would encourage other Indian companies to invest on the continent because “Africa has potential and it’s a good time to invest in Africa”.

Though there is a huge deficit in the sector, the poor have been hard hit because of affordability. The AfDB’s manager of the research department, Issa Faye, has identified the “poor and lower middle-income families, including those with irregular incomes in the informal sector” as remaining a key challenge to the continent’s housing finance market.

To solve the problem, he has identified Morocco’s Fonds de garantie pour populations revenus modestes et non reguliers (FOGARIM) guarantee scheme, India’s GRUH Finance and Colombia’s Fondo Nacional de Garant as successful business models which demonstrate that lending to informal sector workers may be feasible.

Tarun Singh, however, said there are some problems that must be solved immediately if investors are to be lured to enter the sector. These include the lack of skilled workers to be engaged on large-scale housing projects, high interest charged by banks and the lack of utility services such as roads, water and electricity.(IANS)(Image-static.panoramio.com)

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Vivo opens online store in India

The Vivo innovative range will be available in 10,000 postal service areas (pin codes) across the country, the company said.

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Vivo to open E-stores in India to increase its market. Wikimedia Commons
Vivo to open E-stores in India to increase its market. Wikimedia Commons
  • Vivo is opening online stores in India in order to expand its market.
  • With new E-stores, the smartphones will be available to customers all over India.
  • The company is also thinking of launching an E-store app to make it convenient for people.

In a bid to expand its online presence, Chinese smartphone maker Vivo on Monday launched its E-store in India that will deliver products and services across the country.

“With the new E-store, Vivo’s innovative range of smartphones will be available to our customers across the country with special launch offers,” Kenny Zeng, Chief Marketing Officer, Vivo India, said in a statement.

Vivo will sell its phones through E-stores in India now.
Vivo will sell its phones through E-stores in India now.

The Vivo innovative range will be available in 10,000 postal service areas (pin codes) across the country, the company said.

The handset maker also announced its “Launch Carnival” under which, it is offering benefits on smartphones from January 16-18.

Buyers will get discount coupons worth up to Rs 2,000 on select smartphones, 12-month zero-cost EMI and one-time screen replacement in Vivo V7 and V7+ smartphones, the company said.

The company is also planning to launch its E-store application with features such as Augmented Reality (AR) support with the live chat option to help customers make purchase decisions. IANS

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