Published On: Fri, Sep 14th, 2018

In Shift, Pakistani Giant Engro to Bet Big on Rising Middle Class

Pakistan’s chemicals-to-energy conglomerate Engro Corp has seen its fortunes rise on the back of massive Chinese investment, but plans to shape its future growth around the country’s vast population and expanding middle class, its chief executive said.

Engro Corp, best known for its fertilizer and petrochemicals factories, as well as engineering projects, is Pakistan’s largest listed conglomerate, and after recovering from a brush with bankruptcy in the early part of this decade is now sitting on a $500 million (381.2 million pounds) cash pile.

It has been a major beneficiary from Beijing’s Belt and Road Initiative splurge, working with Chinese firms on coal and power projects worth billions of dollars.

Read Source: In Shift, Pakistani Giant Engro to Bet Big on Rising Middle Class – The New York Times

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