(MENAFN- Khaleej Times) Mulk Holdings has recently commissioned a Dh36.7 million (US$10 million) manufacturing plant for Alubond Composite Panels in Mumbai, India.
Spread over a 10-acre land, the plant hosts a state-of-the-art Alubond Composite Panels manufacturing facility that will primarily serve the growing Indian construction market.
The move is part of a Dh300 million expansion plan by the UAE-based conglomerate that owns the US-based Alubond brand. Once completed, these projects will create more than 2,000 jobs in India. The investment of Dh36.7 million (US$10 million) marks the development of the first phase of the plant.
The manufacturing plant has a production capacity of one million square meters of Alubond Composite Panels. The plant, which hired 35 professionals, will also create significant job numbers in the fast growing Indian construction landscape and support a greater number of indirect employment opportunities for the local communities in the long run. The company has already established a strong brand network by seting up marketing and distribution offices in all the Indian major cities to strengthen sales of the Alubond Composite Panels.
"We are pleased to commission Mulk Holdings' latest venture in India, which reflects our strong commitment to the growing Indian market where Alubond composite panels would fulfill a major gap and meet growing demands for such products," said Nawab Shaji Ul Mulk, chairman of Mulk Holdings.
Commissioning of the India plant is part of a larger expansion plan launched by Mulk Holdings in 2011 that will see the company spread its footprint across Asia, Europe and African continents. It has already commissioned its European manufacturing plant in November 2012.
"Despite the challenging economic situation, we are still expanding our business. We are investing in seven manufacturing plants in India, Serbia, the UAE and other parts of the world, with a total investment outlay of around $210 million (Dh767 million) in the next three years," Ul Mulk said.
These expansion projects will consolidate Alubond's global position as the worlds largest aluminum composite panel brand and further strengthen the UAE-Turkey investment and economic relationship. Mulk Holdings had earlier formed a joint venture with Enpar Group in India called Mulk Enpar to expand its Indian operations.
According to the agreement, Mulk Enpar plans to invest over Dh300 million in a diversified expansion programme which will result in the creation of a group of six companies strategically located in India, Sri Lanka, Europe and the UAE. This is expected to turn Mulk Enpar into a large multinational conglomerate generating consolidated annual revenue of over Dh1.5 billion in the coming years.
Mulk Holdings, a Dh2.8 billion ($762 million) annual turnover company, has diversified business interests in manufacturing aluminum composite panels, solar panels, development of solar power plants as well as a wide network of high end diagnostic centers with telemedicine capability.
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