Cairo – Mubasher: Elsewedy Electric Co’s board of directors has approved the establishment of a joint venture or a branch of the company in Tanzania.
The new firm will be responsible for designing, supplying, and building a hydroelectric dam in the East African country over the Rufiji River, Elsewedy said in a statement to the Egyptian Exchange (EGX) on Monday.
The Egyptian cable maker has not mentioned any further details regarding possible partners or the capital of the new company.
Last week, Elsewedy’s marketing director Ahmed Hassouna said that Elsewedy Electric would sign a deal with Arab Contractors for the construction of a $3 billion hydroelectric power plant in Tanzania in four years.
Arab Contractors will hold a 55% stake in the project, while Elsewedy will have the remaining 45%.
The plant, expected to be one of Africa’s biggest dams, will include nine turbines with a total production capacity of 2,100 megawatts.
In July, CEO of Elsewedy Electric Ahmed El Sewedy revealed that the Egyptian cable maker would partner with Arab Contractors and other firms to compete for the construction of a hydroelectric dam in Tanzania.
In October, the Arab world's largest listed cable company announced that the consortium received the preliminary approval to commence the construction of a hydroelectric power plant in Tanzania.
