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.
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.
Embee International was looking at producing pulses, sesame seeds, tomato, onions and other vegetables on the land.