Azad Engineering, a precision engineering company, is setting up an exclusive manufacturing facility for Mitsubishi Heavy Industries of Japan in Hyderabad.
The Hyderabad-based company will invest $20 million in the new facility, the foundation stone of which was laid on Wednesday at Tunikibolaram near Medchal.
The upcoming scheme is scheduled to be operational by mid-2024. It will be part of Azad Engineering’s upcoming Center for Excellence and Innovation Centre, and will employ around 300 people.
Rakesh Chopdar, MD, Azad Engineering said in a release, “The collaboration with Mitsubishi to build an exclusive facility reflects our commitment and continued efforts to deepen our relationship as a preferred partner of global Original Equipment Manufacturers (OEMs) is the result of.” ,
K. Tanaka, Dy. “Azad Engineering provides components of high quality and precision for our gas and steam turbines. Hence, we are glad to strengthen our partnership with Azad,” said the CEO of Mitsubishi Heavy Industries.
Azad Engineering’s capacity expansion is part of the company’s strategy for the next 5 years to achieve a targeted growth of 35 to 40 percent CAGR during this period.