Monday, 23 November 2015

Hinduja Bets Big on Africa


Hinduja Bets Big on AfricaHinduja Group has recognized Africa as its next big frontier for development and has devoted to pump in $1 billion across sectors over the next five years. Calling for a cohesive Africa plan to fast-track the development of the continent, the automobile-to-financial services conglomerate plans to magnify its business across the African region, especially in automotive, oil, chemicals, trading and infrastructure sectors, Hinduja Group Europe Chairman Prakash Hinduja said.  


"Africa is the future market for us. A continent of vast size and population, as large as India, is going to be our next frontier. We have significant expansion plans in Africa and will be investing $1 billion over the next five years," the group's Europe chairman added.   He said the group nets $300-400 million from the continent and after this investment "we expect our income to be around $2 billion over the next five years."

For the mid-term, Hinduja said this 'Go Africa' strategy will have the group's flagship Ashok LeylandBSE 2.60 % more than doubling its bus as well as truck exports to the continent from the present 12,000 units per annum to over 25,000 units over the next three years.   "Ashok Leyland has exported around 12,000 vehicles over the past three years. Exports contribute 15 per cent to the turnover and it is set to increase to 33% over next three years. Read More...

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