November 23 (SeeNews) - India’s conglomerate Umesh Modi Group will invest $5 million (4.4 million euro) to set up a base in Bulgaria as a way to expand overseas and enter the European market, the ministry of economy said.
Bulgaria was selected after a careful study of the region and its investment opportunities, the ministry said on Thursday after a meeting between deputy economy minister Liliya Ivanova and the group's president and CEO, Umesh K. Modi.
"Bulgaria is a country with an appealing investment climate and its low operating costs are very attractive," Umesh Modi said.
Umesh Modi Group operates in multiple fields, including pharmaceuticals, cosmetics and sugar, generating a revenue of over $550 million. It has 30 units and 18 production facilities located in India, Sri Lanka and Bangladesh.
($=0.87690 euro)