Dubai: UAE-based diversified conglomerate Mulk Holdings has commissioned a USD 10 million manufacturing plant for Alubond USA Composite Panels in Mumbai, which on completion will create over 2,000 jobs.
Spread over a 10-acre land, the plant hosts a state-of- the-art Alubond USA Composite Panels manufacturing facility that will primarily serve the growing Indian construction market, a company statement said.
The move is part of a 300 million dirham (over USD 81.74 million) expansion plan by the UAE-based conglomerate that owns the US-based Alubond USA brand. Once completed, these projects will create more than 2,000 jobs in India.
The USD 10 million investment marks the development of the first phase of the plant. The manufacturing plant has a production capacity of 1 million square meters of Alubond USA 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, said the statement.
"We are pleased to commission Mulk Holdings' latest venture in India, which reflects our strong commitment to the growing Indian market where Alubond USA composite panels would fulfil a major gap and meet growing demands for such products," Nawab Shaji Ul Mulk, Chairman of Mulk Holdings said.
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 USD 210 million in the next three years," Shaji Ul Mulk said.
These expansion projects will consolidate Alubond's global position as the world's largest aluminium 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 USD 81.74 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.
Mulk Holdings, a USD 762 million annual turnover company, has diversified business interests in manufacturing aluminium composite panels, solar panels, development of solar power plants as well as a wide network of high end diagnostic centers with telemedicine capability.
First Published: Thursday, March 21, 2013, 13:05