Growth markets in Indian sight

From textiles to solar energy, Indian firms continue their impact on emerging markets. Raymond sets up in Ethiopia

Silver Spark Apparel Ethiopia, a wholly owned subsidiary of Indian textile group Raymond, has started the first phase of production at its greenfield garment facility in Ethiopia. Set up at Hawassa Industrial Park with an investment of around $30 million (Rs 140 crore), the plant can produce 600 suits per day for different brands and will employ 2,500 people. The production will go up to 4,000 suits per day when all 18 production lines are commissioned in 18 months. The modern facility, which will primarily cater to the US and European markets, was inaugurated by the Prime Minister of Ethiopia, Hailemariam Desalegn, along with Gautam Hari Singhania, chairman and managing director of Raymond. The company, which will import fabrics from India, plans to tap the developed markets duty-free by exporting from the special Ethiopian export zone. It has also set up a special training centre at the unit to skill local people. India begins solar project in Egypt I

ndia has launched a solar project with state-of-the-art technology to electrify a remote village in Egypt. The Solar Electrification Project, an off-grid system that is ideal for remote locations, has been launched at Agaween village in the Western Desert in Matrouh Governorate, close to the Libyan border. India provided all the solar panels and sub-systems, machinery, equipment and technical support, as well as training for technicians, while the Egyptian government provided the location for implementation of the project. The project was inaugurated by India's Ambassador to Egypt, Sanjay Bhattacharyya, and Major General Alla Fathi Abou Zeid, Governor of Matrouh, recently. Bhattacharyya said: “The project harnesses the sun and enriches the life of the villagers. The project is a demonstration of India's technical capabilities, especially in renewable energy, and can be replicated at other locations in Egypt.” The total output of the project is 8.8kw, with the ability to electrify the whole village. BankBazaar sets up in Malaysia Online financial services marketplace BankBazaar has begun operations in Malaysia to strengthen its presence in South East Asia. Adhil Shetty, Co-founder and CEO, BankBazaar.com, said: “Buoyed by the positive business sentiment and a progressive regulator, Malaysia's banking industry is poised towards the next phase of disruption. This complements BankBazaar's vision to enable, simplify and improve the financial services value chain for consumers.” As part of its international expansion strategy, the company also plans to begin its operations across Australia, Hong Kong, the UAE and Philippines over the next couple of years. BankBazaar will deploy a team of 30 people to support its expansion in Malaysia in addition to the 40-member Singapore team. Vipin Kalra, CEO of BankBazaar International, said: “The technological landscape across the globe is changing rapidly. I believe companies focused on innovation, clubbed with agility are sure to make an impact, irrespective of their business scale and scope. “After successfully shaping India's fintech space through customerfocused innovations, BankBazaar is now taking this legacy across new markets.”