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El Khatib continues to drum up investments during his time in New Delhi: Indian energy transmission and cable manufacturing company Sterlite Power is mulling a USD 5-6 bn electricity grid specifically for green hydrogen projects, company representatives told Investment Minister Hassan El Khatib during the second day of his India visit. The project aims to enhance Egypt’s energy infrastructure and support the country’s transition toward clean energy.
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That’s not all: Company representatives highlighted their readiness to invest in long-term strategic projects that support Egypt’s goal of becoming a renewables hub.
Speaking of renewables: El Khatib also met with representatives from renewable energy firm ReNew Power — the two sides discussed potential cooperation in renewables and followed up on plans to build a USD 8 bn green hydrogen plant in the Suez Canal Economic Zone.
Indian energy players have been ramping up investments here, El Khatib said. These include Rana Group, which in November was said to be looking to set up a USD 12 bn green hydrogen project in Egypt, and Ocior Energy, which is setting up a USD 4.3 bn green ammonia plant here under an agreement inked last year — the first phase of the plant is expected to begin operating in 1Q 2027, El Khatib said.
El Khatib also discussed potential investments with Tata Chemicals, particularly in the chemical manufacturing and renewable energy sectors. The company reportedly expressed interest in the two sectors.
ICYMI- Earlier this week in India, El Khatib discussed plans by several Indian players to expandin Egypt, including an additional USD 300 mn investment by TCI Sanmar, more branches by Lulu Group, and increased investments from Ocior Energy.
THE BIGGER PICTURE- Egypt and India want to nearly triple trade volumes to USD 12 bn over the next five years from USD 4.2 bn in 2024, according to a readout of a meeting between El Khatib and Indian Commerce and Industry Minister Piyush Goyal.
Egypt wants to attract Indian investments into a handful of key sectors: El Khatib highlighted Egypt’s interest in attracting investments into renewable energy, chemicals, automotive manufacturing, pharma, textiles, and IT. The government, he said, is prepared to offer Indian investors all necessary support and incentives.
India’s very own zone in the SCZone? The Indian side is interested in setting up an industrial zone in the Suez Canal Economic Zone — the project will be the focus of an upcoming visit to Egypt by a delegation from the Indian Ministry of Commerce and Industry and representatives from the Confederation of Indian Industry.
Keeping the ball rolling: El Khatib invited Goyal to visit Egypt this year to further explore avenues for economic cooperation and ways to strengthen ties.
