India’s Indore Group has invested nearly $16 million to build a cables production plant in Morocco under an agreement with the government in the North African Arab country, a newspaper has reported.
The plant is based in the Northwestern Tangier city on the Mediterranean and its production of cables will cover telecommunication, renewable energy, transport and construction industries, the Moroccan daily Hespress said on Sunday.
The plant cost around 15 million euros ($16 million) and has a production capacity of 2.5 million km of cables per year, the paper said.
The plant was partially launched on Friday at Tangier Industrial Zone, which has attracted capital of more than $600 million, it added.
(Writing by Nadim Kawach; Editing by Anoop Menon)