Saudi Arabian firm looking to expand its Indian operations after years of extensive experience in building factories in the country
Saudi Arabia’s Construction Products Company plans to expand its footprint into India as it seeks more opportunities overseas, the head of business development has said.
As such, Dr Faisal Al Aquil, director of Business Development and head of Corporate Social Responsibility at CPC said that the company would be developing an industrial park in India, in partnership with IL & FS Engineering and Construction Company (IECC), formerly known as Maytas.
Having previously limited itself to building factories in India, CPC is now looking to develop the park as its biggest venture yet. Conversely, the Kingdom has more than 350 Indian projects, worth $1.6bn, in operation across various fields such as construction, management, telecommunications and information technology.
The move to set up the industrial park in India comes as Saudi Arabia and India step up bilateral relations. Saudi Arabia is the largest oil supplier to India and bilateral trade exceeds $25bn and there are more than two million Indian expatriates in the country, the largest Indian community in the world.
“CPC is very proud to have around 40,000 skilled Indian workers within its various companies and CPC’s success would not have been achieved without them,” said Dr Al Aquil.
India is a vital strategic economic partner for Saudi Arabia, he added, and highlighted the strong foreign investment potential both countries had. Indian investments overseas have reached $2bn in just one month, Al Aquil said, citing a recent survey.