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Egyptian tycoon Ahmed Elsewedy, who runs cable and power equipment maker Elsewedy Electric, has been asked by India's government to invest in the country's data centres, smart meters and electrical equipment industry.
Indian Commerce and Industry Minister Piyush Goyal met Elsewedy, the company's president and chief executive, in Cairo during a visit to Egypt with a business delegation. They discussed investment opportunities in India and closer India-Egypt cooperation in electrical equipment, smart metering and data centres.
No investment figure or project was announced.
A Cairo-listed power group
Elsewedy Electric, founded by the Elsewedy family in 1938, makes power cables, transformers, meters and other electrical equipment and builds power plants and grid infrastructure in Egypt, across Africa and in the Middle East. It is one of the largest companies on the Egyptian Exchange.
The company's revenue rose about 32% to EGP163.3 billion ($2.95 billion) in the first half of 2026 from EGP123.8 billion ($2.24 billion) a year earlier. Net profit attributable to shareholders increased 14% to EGP9.92 billion ($179.3 million) from EGP8.69 billion ($157.1 million).
India's push for Egyptian business
Goyal's trip is aimed at lifting trade and two-way investment. Merchandise trade between India and Egypt was $6.5 billion in the fiscal year through March 2026, with Indian exports of $3.9 billion and imports of $2.6 billion, according to the Federation of Indian Export Organisations. India is Egypt's fifth-largest source of imports.
More than 700 Indian companies are registered in Egypt, about 70 of them actively operating, with combined investments of more than $5.5 billion.
"Combining Indian manufacturing strengths with Egypt's location and trade linkages can support export diversification," federation President S.C. Ralhan said before the visit.
Elsewedy, a member of the founding family, holds 534,980,391 shares, or about 25% of Elsewedy Electric.
Figures were converted at EGP55.34 to the dollar.
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