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.
He said the company has decided to invest between Rs 5,000-6,500 crore in the project which he claimed will be largest investment by any Indian company in Egypt and the first foray by an Indian firm in the country's agriculture sector.
The 'One Million Feddan (acres)' is one of the most ambitious project launched by Egyptian President Sisi after he came to power in June last year. It is aimed at reclaiming one million acres of farm land across the country that relies heavily on imports of basic foodstuffs.
Currently less than four per cent of Egypt's total land area is arable.
Khushalani said Embee International was looking at producing pulses, sesame seeds, tomato, onions and other vegetables on the land. He said the company will sell the produce in Egypt as well as in other neighbouring countries.