Karuturi Global Ltd., an Indian flower grower, demanded compensation from the Ethiopian government for a series of failed land deals as it prepares to exit the Horn of Africa nation.
Karuturi, based in Bengaluru, India, was one of the first foreign investors to lease land in Ethiopia after the government offered incentives and identified 3.3 million hectares (8.2 million acres) as suitable for commercial farming. The government canceled the lease two years ago after saying the company failed to adequately develop its plot.
Karuturi has also written to Indian Ambassador to Ethiopia Anurag Srivastava informing him of the company’s decision to leave the country, according to email correspondence Karuturi forwarded to Bloomberg.
Ethiopian Information Minister Negeri Lencho referred requests for comment to the Ethiopian Investment Commission, whose director, Fitsum Arega, said he would comment later.