Foreign investors will now view India as an unsafe investment destination, according to representatives of Devas Multimedia that’s been empowered to seize the South Asian nation’s assets overseas following a decade-long dispute.
Devas, which is seeking $1.5 billion from Prime Minister Narendra Modi’s administration, will continue to confiscate cash generated from some ticket sales overseas by flag carrier Air India Ltd., said Matthew McGill, a partner at Gibson, Dunn & Crutcher that represents several Devas shareholders. The firm has already seized assets worth more than $30 million owned by Air India as well as state-run Airports Authority of India, he said.
