Indian cos, including TCS, Wipro, sign 15 pacts to invest in Saudi Arabia

The statement said that the announcements cover a range of partnerships across strategic growth sectors, including energy and water, technology, arts and entertainment, healthcare, trade and investment.

By PTI  
Wednesday, February 20, 2019

Tata Consultancy Services (TCS), Wipro, Carnival Cinemas and Glenmark were among the Indian companies that signed 15 agreements on Wednesday to invest in Saudi Arabia.

The Saudi Arabian General Investment Authority (SAGIA) in a statement said while 11 MoUs were signed to forge partnerships, four new licences worth more than $28 million were handed out to Indian firms at the Saudi-India Forum here.

Also Read: Saudi Crown Prince's India visit: Terrorism hogs joint statement; Saudi Arabia will share intelligence, says Mohammed bin Salman

"The announcements cover a range of partnerships across strategic growth sectors, including energy and water, technology, arts and entertainment, healthcare, trade and investment," it said.

"This reflects the strength and diversification of the Saudi economy, as well as the opportunities being unlocked for private sector businesses by widespread economic and social reforms as part of Vision 2030."

The MoUs that were signed include agreements that will boost the collaboration in strategic growth sectors between several Saudi government entities with leading Indian firms including TCS, Wipro, Glenmark and Ion Exchange.

Read More: Saudi prince sees investment opportunities of more than $100 billion in India

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