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Indian companies are exploring uncharted territory in Latin America

India’s forays into Latin America are visible to those who look for them. But compared with China’s well publicized resource and infrastructure deals in the region and even India’s own deals in Africa or Europe, they are less publicized.

“Is India in Latin America? I can confirm that yes, it is,” says Eduardo Rodríguez-Rovira, who heads the Latin America practice at the Spanish law firm Uría Menéndez, which has offices across Latin America.

Private sector driven

Unlike China’s state-driven push for foreign acquisitions, Indian investments are generally driven by the private sector. This has meant that the emphasis is on commercial viability and future returns.

“It is very much private sector driven. The only thing that is government driven is oil and gas,” says Bahram Vakil, a partner with AZB & Partners in Delhi who has links in the region.

Bahram Vakil Partner AZB & Partners

Despite the opportunities available, collaborations between India and Latin America have been slow. Vakil says this is a case of “out of sight, out of mind”. South America is far and, at least in recent years, less of a priority than opportunities in markets closer to home.

This is a sentiment echoed by Ximena Alegre, an associate at Sanguinetti Foderé Bragard Abogados in Uruguay, who says India is 10 years behind China in focusing on Latin America.

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