State-run, private Indian firms tie up for Africa projects

December 12th, 2010 - 12:21 am ICT by IANS  

New Delhi, Dec 11 (IANS) The state-run Engineering Projects India (EPI) Saturday signed an agreement with Universal Empire Infrastructures Limited (UEIL) to secure high value infrastructure development projects in Africa and South Asia. “Indian private and public enterprises are joining hands as they eye business opportunities, and also to compete against China’s rapid forays in infrastructure development projects, in Africa and South Asian countries,” the company said in a statement.

The tie-up, signed in the presence of Heavy Industries Minister Vilasrao Deshmukh, will ensure that the combined strength will help them against stiff competition, it added.

According to UEIL, several western countries and China are rapidly entering Africa and South Asia as countries in these regions are poised for good growth. The firm has already bagged several projects in African and South Asian countries.

The company will soon be starting projects worth a few hundred million dollars in these regions.

“MOU with UEIL will help EPI enter into markets in Sri Lanka, Maldives and African countries for undertaking infrastructure development projects there,” said S.P.S. Bakshi, chairman and managing director of EPI.

The agreement will also benefit the developing countries by way of infrastructure development and generating local employment in these countries.

EPI entered into overseas markets in 1970s and has secured many jobs in countries like Kuwait, Saudi Arabia, Abu Dhabi, the former Yugoslavia, Thailand and Maldives.

It was also the pioneer in the field of project exports from India to Middle East countries.

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