Indian company seeks to invest $1.2 bn in Yemen

Last Updated: Sat, Feb 02, 2013 08:00 hrs

Sanaa, Feb 2 (IANS) Indian Nagarjuna Construction Company is seeking to invest $1.2 billion in Yemen, Yemeni official agency Saba reported.

A delegation from the Indian company is due to arrive in the Yemeni capital of Sanaa next week to hold meetings on the projects which will include an ammonia plant with a capacity of 700,000 tonnes a year, a urea plant with a capacity of 1.3 million tonnes a year and a power plant with a capacity of 200 megawatts, chairman of Yemen's general investment authority Yahya Saleh Muhsen was quoted by Saba as saying.

The delegation will also discuss ways to develop the partnership between the company and Yemen and will pay a visit to the Aden free trade zone where projects will be established, reported Xinhua citing Saba Friday.

Muhsen said the authority is preparing for the visit and will be glad to provide all facilities to encourage the Indian company to start the construction of the projects as soon as possible.

"Such projects are given top priority at the moment since they will contribute to the efforts that aimed at boosting sustainable development in the country," he was quoted as saying.

Yemen is also preparing for the participation in the second India Engineering Sourcing Show which will be held in Mumbai March 14-16, Muhsen said.

"The show will provide a good opportunity to attract Indian investments into Yemen and to enable businessmen from both countries to have mutual projects," he said.

Also, Indian businessmen have voiced their interest to invest in Yemen as part of the plans of the countries to develop their economic links, Muhsen said.

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