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Tuesday, 3 May 2016

Indian firms increasing investments in Egypt

Indian firms are increasing their investments in Egypt, said Indian Ambassador Sanjay Bhattacharyya, the most recent instance being petrochemicals manufacturer TCI Sanmar, which plans to invest USD 300 mn in Port Said, Al Mal reports. TCI Sanmar provides 1,500 indirect job opportunities and an annual revenue of USD 150 mn, he added. Other companies included Pharmed Healthcare with USD 30 mn in investments and the Lulu Hypermarket chain with USD 50 mn in investments into its first branch, in addition to a further USD 300 mn in investments to open up 10 additional locations, he added.

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