India's trade with Egypt stands disrupted and companies such as
Dabur and
Marico have suspended their operations in the strife-torn African country.
Ten Indian firms, including Wipro, Ranbaxy, IFFCO, Dabur and Marico, have their wholly-owned subsidiaries in different parts of Egypt.
Two major
FMCG companies - Dabur and Marico - said they have shut down their plants in Egypt temporally, while Emami is keeping a close watch on the situation.
"Egypt and the Middle East and North Africa (MENA) region is an important market for Marico. In view of the current situation, our factories have been temporarily closed as a safety measure," a Marico spokesperson said.
Dabur India CEO Sunil Duggal said that the company has shut down temporarily hair oil production.
The merchandise trade between India and Egypt has also been disrupted as traders fear of looting and arsons.
"At this point of time, there is disruption in trade - both export and import dispatches from Egypt have been kept on hold," said Ajay Sahai, Director General of Federation of Indian Export Organisation (FIEO).
While merchandise exports aggregated $1.4 billion, imports totalled $1.7 billion in the last financial year. With pick-up in demand, India's total exports are projected to grow by 20-25 per cent in 2010-11.
Exports have been impacted as the situation in Egypt is turning for the worse with tens of thousands of people joining the street protests against President Hosni Mubarak.
There were reports of looting and arson, resulting in commercial activities there.
Besides, the wholly-owned subsidiaries in Egypt, companies like Tata Motors, Aptec, Iflex and Essar Global have their regional offices for doing business in that country, according to information compiled by Ficci.
"It is very unfortunate that our business is getting affected...the problems will definitely impact our bilateral trade," Assocham Secretary General D S Rawat said.
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