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

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.

“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.