TSFE, India’s Hinduja Group mull setting up automotive factory in Egypt
Updated 2/14/2024 7:00:00 AM
Arab Finance: The Sovereign Fund of Egypt (TSFE) and the India-based Hinduja Group has probed establishing an automotive factory in Egypt, in cooperation with El Nasr Automotive Manufacturing Company, as per a statement issued by the Egyptian side on February 13th.
The factory is expected to have a production capacity of 6,000 electric and diesel vehicles.
This has been discussed during a meeting between the Egyptian Minister of Planning and Economic Development Hala Elsaid and the CEO of Hinduja Group Prakash Hinduja on the sidelines of the World Government Summit held in Dubai.
During the meeting, both sides discussed the available investment opportunities and areas of cooperation in Egypt.
Moreover, Elsaid briefed Hinduja on the role of TSFE as one of the mechanisms to enhance partnership with the local and foreign private sector.
Hinduja Group operates many companies specializing in the fields of bus manufacturing, oil and chemicals industry, and banking and finance, in addition to health services providers, media services companies, and the film industry in India.
Hinduja has a presence in 100 countries around the world with assets amounting to $100 billion in companies.
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