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Analysis: India frustrations send some foreign firms packing
Reuters | June 08, 2012 | 12:06 PM EDT
NEW DELHI/MUMBAI (Reuters) - Frustrated by a lack of opportunities in India, Germany's Fraport <FRAG.DE>, the world's No. 2 airport operator, is shutting its development office in the country, the latest in a growing list of companies exiting Asia's third-largest economy.
Regulatory uncertainty and policy gridlock have battered foreign corporate sentiment towards India, adding to a dramatic slowdown in economic growth and exacerbating a widening current account deficit that has knocked the rupee to record lows.
"When we came to India in 2006, we were actually extremely bullish about the market. We felt India had a lot of potential at that time," Ansgar Sickert, who heads Fraport's India operations, told Reuters in a telephone interview on Friday.
Government plans then to privatize dozens of airports in smaller cities have not come to fruition.
"We were disappointed when none of these opportunities materialized," said Sickert.
Many foreign companies in other sectors have seen their India plans thwarted by sluggish or inconsistent policymaking under the embattled government of Prime Minister Manmohan Singh.
The list of companies to leave India includes telecoms carriers Etisalat <ETEL.AD> of Abu Dhabi and Bahrain Telecommunications Co <BTEL.BH>, whose licenses were among those ordered cancelled by an Indian court amid a corruption probe.
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