The All India Gaming Federation (AIGF) is trying to lobby the opportunity to invest in the Indian gambling and betting industry for foreigners.
It has been recently reported that the AIGFís representatives have asked the Union Minister of State for Commerce & Industry to change the local legislation concerning foreign investments.
According to the currently valid regulations, foreign companies are not allowed to operate on the local gambling and betting markets. It is also prohibited to provide franchise, as well as to use trademarks and brand names.
The All India Gaming Federation believes that gambling should be open to foreign investors. The company offers to allow foreign companies to have at least 26% of shares in exchange for provision of innovative technologies and advanced solutions for joint projects.
According to the AIGF, the cooperation with foreign investors may be profitable to the local companies. It will allow increasing revenues and contribute to the creation of new jobs.
Roland Landers, CEO of the All India Gaming Federation, informed that the decision to allow foreigners to enter the local gambling market was beneficial for both parties, taking into account the fact that gambling was illegal in India.
The authorities have agreed to consider the AIGFís request.
However, the gambling world of India also has the other problems. For example, it is still impossible to solve the problem with floating casinos in Goa. The government has already issued licenses for floating gambling houses. However, some non-governmental organizations are protesting against this decision.