Iceland’s Glitnir Bank Enters India Skip to content

Iceland’s Glitnir Bank Enters India

Iceland-based Glitnir Bank is applying for permission from the Reserve Bank of India (RBI) to open a representative office in India. Glitnir has already formed a joint venture with LNJ Bhilwara Group to develop geothermal power plants in India and Nepal.

Glitnir Bank will hold a 40 percent stake in the joint venture. Glitnir will bring in strategic investors to raise capital during different phases of the development of geothermal plants.

“We are very happy that this important joint venture has been formed with LNJ Bhilwara Group. This will encourage prospects for growth in India in the geothermal arena. India is a vast country and we believe there are a number of unexplored geothermal energy resources,” Lárus Welding, CEO of Glitnir Bank, said in a press release.

“India is a very exciting market for Glitnir, particularly in the seafood and energy field. Given the projected growth of energy demand in India, the country needs to utilize all sources of energy possible, particularly renewable and green sources of energy like geothermal,” said Bala Kamallakharan, Executive Director of Strategic Growth in Glitnir.

Glitnir Bank is also working on projects involving geothermal energy, seafood and offshore service vessels in China, the US and Canada.

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