New Delhi / Addis Ababa, 21 May (HS): In a significant development reflecting the expanding economic engagement between India and Africa, Rashmi Group has signed a Memorandum of Understanding (MoU) for a proposed investment of approximately USD 300 million in Ethiopia’s mining sector, with plans focused on gold exploration, mineral development and supporting industrial infrastructure.

The agreement was signed during the Invest in Ethiopia – High-Level Business Forum 2026 held in Addis Ababa, bringing together government representatives, investors and industry stakeholders to explore investment opportunities in the country’s growth sectors.

As part of the proposal, the company intends to pursue mining opportunities in Ethiopia’s resource-rich regions while also establishing aggregate production and mineral processing facilities to support industrial and infrastructure development. The initiative is expected to contribute to local value addition and strengthen the wider minerals ecosystem.

The proposed investment comes at a time when Ethiopia is accelerating economic reforms aimed at expanding private sector participation, attracting foreign investment and strengthening export-oriented industries.

Mining has emerged as one of the strategic sectors in Ethiopia’s long-term development plans, supported by policy reforms and growing international interest in the country’s untapped mineral reserves.

Speaking on the growing scope of India–Africa cooperation, Indian Ambassador to Ethiopia and the African Union highlighted opportunities for Indian participation in areas such as mineral exploration, mine development and industrial expansion, while noting Ethiopia’s improving investment environment and strategic position in Africa.

Rashmi Group stated that the investment reflects its long-term approach towards industrial growth and regional engagement and is expected to support infrastructure creation, technology participation and employment generation.

Industry observers believe such investments indicate increasing interest among Indian businesses in Africa’s evolving industrial and resource sectors, while also strengthening economic ties between the two regions.

The proposed project will now move into the next stages of regulatory processes and project development.

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Hindusthan Samachar / Indrani Sarkar