Indian company to invest Rs 5,000 cr in Egypt's agro sector

In a major foray into agri-business sector in Africa, Indian corporate Embee International is in the process of acquiring 33,000 acres of land for farming in Egypt where it will invest over Rs 5,000 crore to grow pulses and vegetables.

The company, which is into textile business in Egypt for the last 28 years, said the land is being given to it by the Egyptian government on lease for 50 years which can be renewed thereafter.

Director of Embee International Sanjay E Khushalani said agriculture sector in Egypt has huge potential and the company hopes to get all the required permission for the "mega project" by next month.

"We are participating in the One Million Feddan land reclamation project of President Abdel-Fattah El-Sisi. We have booked around 33,000 acres. The land is being given on lease for 50 years," Khushalani told PTI.