Iceland Bank Glitnir Enters India

Iceland’s Glitnir Bank is coming to India.

Glitnir plans to file an application with the Reserve Bank of India (RBI) to open a representative office in India.

The bank has similar offices in China, US and Canada to support its niche strategy within geothermal energy, seafood and offshore service vessels.

Glitnir has also formed a joint venture with LNJ Bhilwara Group to develop geothermal power plants in India and Nepal.

The JV, a 60-40 partnership with Glitnir holding 40%, will focus on building power plants in India and Nepal using sustainable energy like geothermal energy.

Glitnir intends to bring in strategic investors to raise capital during different phases of development of the geothermal plants.

Glitnir Bank CEO Lárus Welding said:

Glitnir’s strategy is to have a local presence in all the major emerging markets with potential in the Glitnir industry focus. Following the establishment of our presence in China, India is the next logical destination.

Bala Kamallakharan, Executive Director of Strategic Growth in Glitnir, is spearheading the bank’s efforts in India.

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