Trilegal And Norway India Chamber Of Commerce And Industry (NICCI) Host Norway-India Business Seminar

Trilegal, in collaboration with the Norway-India Chamber of Commerce & Industry (NICCI), successfully hosted the Norway-India Business Seminar on Wednesday, November 20, 2024. The event brought together over 50 Norwegian delegates from sectors such as engineering, business, recruitment, IT, energy, and shipping, fostering dialogue and strengthening trade ties between Norway and India.

The seminar emphasized India’s vast potential, underscoring its unique complexity as a “continent” rather than a “country,” as described by Helge Tryti, Chairman NICCI and Fredrik Bjerke Abdelmaguid, Deputy Chief of Mission, Norwegian Consulate General, Mumbai. The speakers highlighted India’s diverse states, cultures, languages, and populations, drawing parallels to Europe’s multiplicity.

Yogesh Singh, Partner at Trilegal described the current bilateral ties as unparalleled, saying, “There never has been a better time for Norway-India relationships, we are seeing deep Norwegian resources mixing with the diversity of opportunities in India (deep sea salmon going with Indian curry!)”. He warmly welcomed the Norwegian and Indian delegates.

Norwegian entrepreneur Rajeev Lehar underscored the significance of establishing trust and cultivating long-term relationships within the Indian market. He highlighted the crucial need for selecting reliable partners and advisors to effectively navigate its intricate landscape. Rajan Maheshwari, Country Head Norway at TCS, highlighted the significance of the recent trade agreement between Norway and India, calling it historic. He introduced the concept of “purposeful growth” to illustrate the potential for mutual success.

On the panel, “THINK BIG! Only possible in India”, Vinit Rai, Founder and Vice-Chairman of Aavishkaar Group, advocated for impact investments that uplift the 4-5 billion people at the base of the global economic pyramid. “Take jobs to where the people are, rather than moving people to jobs,” he said, sharing examples of funded ventures in waste management, climate tech, and aggrotech. Sreekumar Chatra, Managing Director – Infrastructure Funds, Edelweiss Alternatives emphasized India’s $700 billion infrastructure opportunity, citing evidence of strong returns for long-term investors. “India is a long-term story – it is a long play but remunerative stay,” he said, pointing to the success of already invested $36 billion in foreign institutional financial capital that has driven sectors such as solar, wind, roads, and airports.

Neeraj Menon, Partner at Trilegal elaborated, “India aspires to increase its clean energy capacity from around 40% to a sizeable majority of the overall installed capacity by 2032, requiring significant equity and debt investments to meet these objectives.”

Amey Mashelkar, Head, Jio GenNext, detailed the transformative impact of Jio’s affordable and accessible data services, with 480 million subscribers paying less than $2 monthly. He emphasized the role of startups and innovative solutions in bridging India’s urban-rural divide and driving sustainable growth.

In a fireside chat moderated by Trilegal Partner Shruti Rajan; Sridhar Gorthi, Partner and Member of Management Committee at Trilegal stated “Since 1991, India’s market liberalization has been unidirectional towards greater freedom and flexibility for foreign investors. We’ve moved away from cumbersome approvals and bureaucratic processes to streamline regulations for the benefit of investors.” He called attention to transformative initiatives like the Production Linked Incentive (PLI) scheme and the historic bilateral trade agreement with Norway, declaring this an unprecedented opportunity for foreign investment in India.

“India should be viewed as a consumption-oriented country undergoing rapid urbanization,” stated Ravi Kapoor, Founder of SACS Partners. Kapoor went on to say, that this necessitates a multi-decade approach and careful risk assessment given the significant investment needs across various sectors.

Panellists in both sessions outlined actionable advice for entering the Indian market:

• adopt a long-term, patient approach
• leverage local and strategic partnerships
• target growth in both Indian and global markets.

During the “Cracking the Indian Code” panel, which featured leaders from large Norwegian companies that have been in India for many years and tasted success, spoke about the several key factors contributing to success in India. Annette Holte, Country manager India Kongsberg Maritime, emphasized the crucial role of strong local partnerships and a patient approach. She pointed out the shared characteristics of Norway and India’s extensive coastlines as a significant advantage, suggesting a natural synergy for maritime-related businesses. This implies that understanding and leveraging existing infrastructure and expertise within the Indian coastal regions is vital for success.

Siddharth Borkar, Orkla’s India M&A Head, advocated for a more granular, state-by-state approach to expansion. This strategy necessitates thorough due diligence specific to each region, accounting for variations in regulatory environments, market dynamics, and local business practices. Furthermore, he stressed the importance of well-defined post-acquisition integration strategies to ensure a smooth transition and maximize returns on investment. This highlights the need for proactive planning beyond the initial acquisition phase.

Amit Mital, DNV’s Country Chair India, highlighted the significance of fostering a diverse and inclusive workplace culture. He noted the strong demand for Norwegian technological solutions in India, suggesting that a culturally sensitive approach to business operations is not only ethically sound but also strategically advantageous in a competitive market. This implies that companies should prioritize building teams that reflect the diversity of the Indian market and leverage the strengths of a multicultural workforce.

Azam Ali Khan, Norwegian Energy Partners’ Country Manager, underscored the importance of cultural alignment. He specifically mentioned the renowned Norwegian work-life balance as an asset to cultivate within Indian operations. This suggests that implementing structured rules and robust compliance frameworks, while respecting local customs, can foster a collaborative and productive work environment. By bridging cultural differences and establishing clear operational guidelines, Norwegian companies can enhance collaboration and build trust with Indian partners.

While concluding the event and extending a vote of thanks (esp. to NICCI), Yogesh Singh remarked, “The confidence in India’s progress and economy is palpable. Clearly, “transformative” is the most apt adjective to describe India’s growth in the last decade.”