India's wealthy, from old money to nouveaux riches IT entrepreneurs, are quietly snapping up hotels and mines Down Under just as Australia embarks on an immigration campaign to attract long-term investment.
The Jindal family, ranked among the world's top 80 richest by Forbes, in May bought two minor stakes, worth a total of A$26 million (US$26.99 million), in Australian iron ore and coal mines through Jindal Steel & Power.
That followed a US$2 billion purchase by Indian self-made billionaire and college-dropout Gautam Adani of a coal mine in the state of Queensland last year.
Image: Naveen Jindal, Chairman and Managing Director of Jindal Steel and Power Ltd.
Text: Cecile Lefort, Reuters