ETA Ascon to invest $600 million in India
17 Jan 2007
Chennai: Dubai-based ETA Ascon business conglomerate has chalked out big plans for investing in infrastructure, manufacturing and service sectors in India.
The company says it has envisaged a capital investment of $ 500-600mn in the next two years, of which its equity investment will be $100-150mn.
Founded in 1973, ETA group employs over 40,000 people and has revenues of over $3bn. It has operations mainly in UAE and India with interests in areas like construction, manufacturing, trading, shipping, retail, leisure, facilities management, automobiles, insurance and IT.
According to the group, it has identified certain areas for investment, such as building port facilities, including private ports, special economic zones and independent power plants based on coal and industrial goods like lifts and elevators.
The company may also set up container terminals and handling cargo containers.
ETA is among the 14 new players approved by the Government for moving containers from inland container depots. It will operate the service from Mumbai to Delhi with its own ICDs.