Precision engineering company, Azad Engineering, is setting up an exclusive manufacturing facility for Japan’s Mitsubishi Heavy Industries in Hyderabad.
The Hyderabad-based company will be investing $20 million in the new facility, the foundation stone for which was laid here at Tunikibollaram near Medchal on Wednesday.
The upcoming plan is scheduled to become operational by mid-2024. It will be part of Azad Engineering’s upcoming Centre for Excellence and Innovation Centre, and will employ about 300 people.
“The collaboration with Mitsubishi to build an exclusive facility is an outcome of our commitment and sustained effort to deepen our relationship as a preferred partner of global original equipment manufacturers (OEMs),’‘ Rakesh Chopdar, MD, Azad Engineering, said in a release.
K Tanaka, Dy. CEO of Mitsubishi Heavy Industries, said, “Azad Engineering provides components of high quality and accuracy for our gas and steam turbines. So, we are glad to strengthen our partnership with Azad”.
Azad Engineering’s capacity expansion is part of the company’s strategy for the next 5 years to achieve the targeted growth of 35 to 40 per cent CAGR during the period, the release said.