Hinduja is raking in money in Africa, will invest $1 bn over 5 years!

Africa is the next destination for Hinduja Group to grow and has announced to rake in $1 billion in different sectors over the next five years.

Hinduja Group wants to expand business in Africa in various sectors like automotive oil, chemicals, trading and infrastructure, etc.

Hinduja Group Europe Chairman Prakash Hinduja called on for a unified Africa plan to fast-track the development of the continent.

"Africa is the future market for us. A continent of vast size and population, as large as India, is going to be our next frontier. We have significant expansion plans in Africa and will be investing $1 billion over the next five years," he said.

Hinduja gets $300-400 million from Africa and expects to net $2 billion over the next five years.

For the mid-term, Hinduja said this 'Go Africa' strategy will have the group's flagship Ashok Leyland more than doubling its bus as well as truck exports to the continent from the present 12,000 units per annum to over 25,000 units over the next three years.

Talking about investment, the chairman said it will happen in phased manner and in phased geographical zones.

"For instance, our anchor hub in Kenya will serve East Africa; Nigeria, West Africa; North Africa will be served by our Egyptian hub and we would shortly finalise one for South," Hinduja added.