Billionaire tycoon Seán Quinn has embarked on efforts to develop a portfolio of investments in India. His growing interest in that market is in addition to his examination of investments in Russia and other states in the former Communist bloc, where he has a team of 40 examining investment opportunities.
Stating that labour costs in India were significantly cheaper than Ireland, he said workers there were hungry to succeed. "The growth there is unbelieveable. India, China, Argentina and Brazil have more than half the world's population," he said.
"They are going to be huge and I welcome that threat."
In a conference speech yesterday in Co Cavan, his first in 10 years, Mr Quinn said his private interests and those of his family were likely to expand more rapidly than the core Quinn group business, which is a separate organisation.
Quinn Group had delivered average annual profit growth of 30 per cent for some 30 years, he said. "Over the next five years, I think the growth in Quinn Group will be less than 30 per cent. Our growth outside Quinn Group will be significantly higher than that."
Quinn Group made profits of €432 million last year, €322 million of which was attributable to the Quinn Direct insurance business. Separate investments realised profits of €200 million.
Some two-thirds of Mr Quinn's personal investments and those of family will go outside Quinn Group in the next five years, he said.
In a wide-ranging address to delegates at the Cavan County Enterprise event, which was held in his Slieve Russell Hotel, Mr Quinn called for increased Government investment in the Border and Midlands region.
He said the €200 million Fermoy bypass in Co Cork was underused due to local resistance to the tolling arrangements. "Around here, there hasn't been €200 million spent in the last 20 years. There's full employment in this area. At a Government level, we're not getting enough to support the development of this area."
As a significant taxpayer, he felt entitled to make this view public. He said he had reduced his exposure to the pub trade in Ireland due to severe pressure in that business. He was examining new possibilities in the renewable energy sector and had attended meetings with energy regulator Tom Reeves and Minister for Communications, the Marine and Natural Resources Noel Dempsey.
