Many companies are exploring investment in African country
The Emami Group, which has already marked its footprint in Ethiopia with a biofuel project, is now planning to invest between Rs. 1,000 crore and Rs. 1,500 crore for setting up a 300 MW power plant, Director Aditya Agarwal said.
Talking to reporters after an interactive session with Gennet Zewide, Ethiopia's ambassador to India, he said that the project was in the exploratory stage.
Mrs. Zewide said that apart from Emami, major Indian companies have begun investing in the African country which was now planning to set up direct air connectivity between Chennai and Bangalore and Addis Ababa.
The session was organised by the Merchants Chamber of Commerce. Companies like Harrisons Malayalam, Gillanders and Kajaria group have joined others to invest in Ethiopia which has earmarked 56.3 million hectares for agriculture and related industries.
About $5 million investment had already flown in and many more were in the pipeline, she said.
A textile cluster which can accommodate 25-30 industries is also being set up with assistance from the Indian government.