India's Mahindra eyes expansion of agribusiness in Egypt

Mahindra Group, one of India's largest utility vehicle manufacturer, said Tuesday that it is looking over the expansion of its business in Egypt through new reclamation projects.

Member of Mahindra's CII-Africa Committee and President and Chief Executive, Agri & South Asia & Africa Operations Ashok Sharma made the remarks during a meeting with Egyptian Ambassador to India Hatem Taj al-Din, read a statement by the foreign ministry.

Sharma, who is a member of the group executive board, said Mahindra has plan to open new office in Cairo to follow up its projects in Africa and the Middle East.

During his meeting with Egypt's diplomat, Sharma discussed his company's activities in the fields of vehicle manufacturing and exporting fruits from Egypt to Europe.

The diplomat has also briefed the businessman on the outcome of Egypt Economic Development Conference (EEDC) in March.

They talked investment opportunities in various domains in Egypt including the government plan to reclaim four million acres of lands during the coming few years.

India's automobile major producer Mahindra Group was founded in 1945 as a steel trading company, entered automotive manufacturing in 1947. Over the years, it was diversified into many new businesses. It recorded its growth up to a US $16.9 billion with more than 200,000 employees in over 100 countries across the globe.