Non-resident Indian businessman and head of Emke Group Yusuffali M A has acquired a significant stake in London-based East India Company.

An agreement to this effect was signed in London yesterday (October 8), said a report in the Gulf Daily News (GDN), our sister publication.

As per the deal, Yusuffali has put in $60 million immediately and is expected to invest another $25 million in phase two.

Yusuffali has taken 10 per cent stake in the parent East India Company and 40 per cent stake in the East India Fine Foods Company, the flagship firm preparing to open businesses across many new countries.

The event was attended by East India Company chairman Sanjiv Mehta along with Indian High Commissioner Ranjan Mathai, UAE Ambassador Abdul Rahman Al Muthaiwe, Mahindra Group vice-president Zooben Bhiwandiwala and other dignitaries.

“We will support East India Company to develop into a truly global luxury brand and will deliver great results in the coming days. I am sure our alliance will help the company to expand its business in new regions and markets,' said Yusuffali. - TradeArabia News Service