To integrate all back-end processes in Goa while maintaining their front-end services in Mumbai, Saltwater Associates set up ‘Global Investment Analytics Centre’ at the hands of GCCI president Nana Bandekar in Margao on Monday, May 1.
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Addressing media persons, CEO and co-founder of Saltwater Global Associates, Gautam Verlekar, said all back-end services will be integrated into this Analytics Centre in Margao. “Saltwater is an investing banking firm which performs its role in between the traditional banking and the traditional way of business where we make way for capital,” Verlekar said. Its key products include strategy, consulting and growth.
He said the choice of Goa for setting up this Centre was its close proximity with Mumbai, Pune and Bengaluru apart from good connectivity, high literacy, easy financial talent, reasonable cost of real estate, good infrastructure, etc.
Speaking on this occasion, GCCI president Narayan (Nana) Bandekar, mentioned factors such as non-availability of land, lack of investment-friendly policy, etc which, he said, have kept investors away from the State.
Bandekar said after consultation with the government, the latter chalked out the New Investment Policy which lays emphasis on knowledge-based industries, tourism and such areas.
Lamenting that there is lack of transparency in land allotment by IDC, Bandekar also complimented the government for setting up the Investmant Promotion Board which has resulted in 150 business proposals entailing an investment of Rs 11,000 cr and 26,000 jobs in the State.
President of Goa State Industrires Association, Sudin Naik, said for the SMEs capital is a problem as some government agencies sanction loan on value of land and building and not on plant and machinery. “This creates problems for expansion,” Naik remarked.
He also claimed the 6% stamp duty leived by the government for switching over from partnership to private ltd company has hindered such switch-overs.
Global advisor and VC of Salwater Associates, T T Bhat spoke of the strengthening of the rupee in the last six months has also positively
affected investment in the country. Global Advisory Chairman of Saltwater Associates, Rajesh Jog, highlighted the need for Goa to have some form of venture capital attention and the need for a Regional Fund.
