Bahraini firm to invest $100m in India
23 Sep 2010
(MENAFN) A statement issued by Nader and Ibrahim Sons of Hassan Group, a leading Bahraini firm, said that the company has inked a key partnership agreement with an Indian investor, Dana Fresh, to nurture and regain another 1,000 hectares of arable land in India, Gulf Daily News reported.
This agreement characterizes the second phase of a $100 million project which includes farming of 4,000 hectares of arable land that should be completed in 2014.
The company is the first Gulf and Arab investor to enter the Indian agricultural and food industry market.
This reflects the strong economic relations bonding Bahrain and India and the efforts exerted by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa and continuous follow-up by Industry and Commerce Minister Dr Hassan Fakhro to meet the kingdom’s food requirements.
Cultivation will focus on fruits (banana) and rice and sugarcane to extract natural sugar, all of them essential food items in the Bahraini market.