Egyptian Elsewedy Electric also knowns as El Sewedy Cables, which manufactures integrated cables and electric products, mulls to start operations in India after it made two acquisitions in Indonesia and Pakistan.
CEO Ahmed Elsewedy told Asharq Business that the company is planning to make investment in India to manufacture meters.
The Egypt-based joint stock company made last double acquisitions in Indonesia and Pakistan for a total investment of $60 million. “The orientation to the Asian markets comes from the standpoint of the expected new growth rates for the company’s projects in Indonesia and Pakistan, especially with the interest of these two countries to invest in infrastructure projects,” told the media.
It acquired in Indonesia 95 per cent of PT CG Power Indonesia, a company manufactures electric power in Indonesia, amounting to 10,000 megawatts.
In Pakistan is took complete control of Validus Engineering PVT LTD; the leading manufacturer of power transformers in Pakistan.
The new acquisitions bolster the company’s operations in more than 70 countries around the world. Elsewedy Electric will distribute annual cash dividends of EGP 0.40 per share on May 24th, Arab Finance reports.