Aditya Birla and Bajaj Auto eying Egyptian market - Minister
Monday, 07 Sep 2009
According to Mr Rachid Mohamed Rachid Egyptian trade minister, India's Aditya Birla Group is increasing its investment in Egypt and Bajaj Auto is looking at building a factory here.
Mr Rachid in a Television interview told Reuters that the diversified Birla Group is investing USD 150 million in a silica project in the Egyptian city of Alexandria and will also expand an existing carbon black factory.
He said that "Birlas have the biggest carbon black factory in the world today in Alexandria that is going to expand even further.”
The Aditya Birla Group has two JV companies in Egypt, the Alexandria Carbon Black Company SAE and the Alexandria Fibre Company SAE.
Mr Rachid said that "Bajaj Auto is studying the possibility of putting up a plant in Egypt. Their market share is quite significant.”
Mr Rachid said that putting it at 20% of a two wheeler market that was growing at annual rate of 45% and nearly 100% of the 3 wheeler market.
