Tata Group is pressing for expansion in Africa through its various business verticals, expecting its revenue from the continent to grow by 30 per cent every year from the current level of $2.3 billion, as per a PTI report.
The group's hospitality chain Taj Hotels Resorts and Palaces is considering "proposals from three-four" countries to set up new properties.
"The business models which work in India can work in Africa and we would like to widen and deepen our business in Africa," Tata Sons Brand Custodian and Chief Ethics Officer Mukund Govind Rajan said.
He said the group is currently present in 20 countries in Africa through its nine different companies with a total revenue of $2.3 billion. The group has so far invested a total of $1.7 billion in the continent.
When asked about revenue growth from the continent in future, Tata Africa Holdings MD Raman Dhawan said, "It is expected to grow at around 30 per cent every year." Tata Africa Holdings serves as the headquarters for Tata operations in Africa.
Meanwhile, Egypt has already initiated talks with the Tata group to set up an automobile manufacturing facility and a hotel chain in the African country.
"We will be meeting senior officials from the Tata Group to discuss investments in both automobiles and hotels segment", Osama Saleh, Egyptian minister of investment & trade told ET. Saleh was in India as part of the Egypt's President Mohamed Morsi's three-day visit to the country to discuss bilateral trade and