Afcons targets Europe as Africa growth slows

In 2023, it had expanded into Middle East with a 90:10 JV in Saudi Arabia

- Nehal Chaliawala

Leading infrastructure player Afcons Infrastructure Ltd is exploring opportunities in the Eastern European and Balkan regions to offset a slowdown in business from its conventional overseas markets, including Africa and India's neighbouring countries.

The Shapoorji Pallonji Group company had taken a similar call earlier this year to increase its presence in the lucrative Middle Eastern market, albeit with local partners. It had so far limited its exposure to the region, citing unfavourable contract terms.

Afcons is the most bullish on Saudi Arabia and the United Arab Emirates in the Middle East. In Saudi Arabia, it established a 90:10 joint venture company with a local partner in July 2023, called Afcons Contracting Co., to handle local projects.