Bengaluru, Jan 20 (PTI) Bengaluru-based Unimech Aerospace and Manufacturing Ltd on Tuesday announced a joint venture with gulf-based Yusuf Bin Ahmed Kanoo Company Ltd (“YBA Kanoo”).
The joint venture will be established with Unimech holding a controlling 51 per cent stake and YBA Kanoo holding 49 per cent, and will operate under the name “YBAK Unimech Advanced Manufacturing Solutions”, Unimech said in a statement.
Unimech is an Indian precision engineering and manufacturing company specialising in high-precision components and advanced machining solutions for the aerospace, defence, and industrial sectors.
“The partnership advances Unimech’s long-term strategy of creating a localised, scalable energy manufacturing platform in the Middle East. This will extend Indian engineering and manufacturing expertise to international energy markets while creating a scalable base to serve upstream and downstream oil and gas customers across the Middle East.
“The joint venture involves the development of a greenfield advanced manufacturing and remanufacturing facility in Dammam, Saudi Arabia, and is supported by a phased joint investment of approximately USD 30 million,” the statement said.
The venture is projected to deliver cumulative revenues of approximately USD 80 million over a five-year period, subject to market conditions, customer qualifications, and regulatory approvals, it added.
Unimech Chairman and Managing Director, Anil Kumar Puttan said, “Saudi Arabia’s focus on localisation and industrial capability development aligns closely with our strengths in precision engineering and manufacturing execution. Partnering with YBA Kanoo gives us the ability to build a locally anchored platform with strong market access and long-term relevance.”
Ali Abdulla A Kanoo, Chairman of YBA Kanoo – Saudi Arabia, said, “This joint venture reflects Yusuf Bin Ahmed Kanoo’s commitment to supporting the Kingdom’s industrial development agenda and building sustainable, value-adding manufacturing capabilities in Saudi Arabia. We look forward to a long-term partnership with Unimech focused on quality, localization and customer excellence.”