Dr. Ajay Kumar (PhD.) – Chairman and Managing Director, Fox Petroleum Group of Companies & Fox Capital & Investment
New Delhi.Fox Petroleum in Association with JV Partners – investing in sector wise in Africa following 123 Billion Rand Investment. A proposal has been given to President Cyril Ramaphosa. Major sectors Fox is focusing are – Ports, Oil Tank Farm and Solar Panel manufacturing, along with Farmers loan.
South Africa is churning from black-out as electricity supply has been a big problem. The South African energy crisis is an ongoing period of widespread national blackouts of electricity supply. The investment from Fox to establish Dual fuel electricity plant at six locations may ease it. And Solar Panel manufacturing and installation to farmers and middle class house on sixt easy instalments is going to cut down this problem.
The other major sector is – Capital insertion in the market thru banks. The proposal portion as sourced information – “ 3. Agriculture is needed for the Country, it is unavoidable, for the farmers – we can assist financial institutions and Banks with funding – by providing loan to Bank or Financial Institution to fund the farmers further – a maximum amount of USD 2 Million for one farmer on the basis of land collateral worth 300 Percent of the principal amount. The bank will release fund released by us and interest earned will be shared Fox 70: 30 Local Bank. What we need from the bank is on disbursement of USD 100 Million we need a guarantee in bond from the bank and guarantee that even if they don’t disburse the loan, we need 7% of interest per annum. On default of farmer payment of the loan, bank will credit the same amount without any hindrance to us.”
As Chairman Dr Ajay Kumar used to say, “ Lending is a habit, not a choice” mostly can be agreed from his plan.