Essar, Reliance and Tatas to invest over US$20 bln in Egypt

15-Apr-08
Top Indian companies like Essar, Reliance and the Tata group appear keen to invest over US$20 bln in investments in sectors ranging from oil and gas to plastic and fertilisers in Egypt. Egypt's strategic location makes it a gateway to the 20-country Common Market for Eastern and Southern Africa (COMESA), the 27-nation European Union and the Arab Free Trade Area. Mukesh Ambani-led Reliance Industries has decided to spend over US$11 bln in oil refining, petrochemicals and plastics industries in Egypt. The Ruias-owned Essar Group is planning a US$9 bln refinery as well as a steel plant. Tata Chemicals plans to invest US$1.2 bln in a fertiliser plant in Egypt. The Aditya Birla Group has already set up a joint venture plant in Alexandria to produce acrylic fibre. The Gas Authority of India Limited (GAIL), the Oberoi Group (with a hotel near the pyramids in Cairo) and the Kirloskar Group are part of Egypt's growth plan.
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