Harrisons Malayalam slow on Africa investment

Harrisons Malayalam (HML) has decided to re-evaluate its investment plans in Africa. The decision has been prompted by the political instability affecting the region. The company would do another round of due diligence before finalizing the project to set up large scale rubber and tea plantations in Africa.

The re-evaluation of the project proposal could delay it by another 3 months. The company was in talks with the governments of a few African countries including Ethiopia, Ghana and Cameroon for promoting plantations. The idea is to create an HML-like entity in Africa.

The company was planning to invest close to Rs 500 crore. The company is looking at close to 8,000-10,000 hectares in the African continent. Considering the shortage of rubber in the global market, it is planning to set up rubber plantations.crackcrack