: Azad Engineering, a Hyderabad-based company, on Monday announced that it is in the process of setting up its third manufacturing facility near here at a cost of over Rs 500 crore to manufacture and export super critical components for global Original Equipment Manufacturers in the aviation and power generation industry.
The company said it plans to invest the money over the next three years on this plant, spanning an area of 23.45 acres, in a phased manner, for which the foundation stone was laid in Medchal Malkajgiri district today.
The construction of the first phase of 30,000 square meters will be completed by July 2022, the Company said in a press release, adding that this facility will be operational by Q2 in FY23 and setting up of this plant is expected to create employment opportunities for around 1,000 people.
Azad Engineering Managing Director Rakesh Chopdar said "Setting up this third plant is part of our strategic initiative to significantly scale up our manufacturing operations to cater to the demand of our global clientele".
"This facility will feature capabilities in Precision Forging, Sheet Metal Fabrication, Thermal spray Coating, EB Welding, Chemical processing, Metal Joining, Non-conventional processes, Fluid distribution system, Testing laboratory along with Robotics and automation, to name a few," he said.
"We are all set to grow a CAGR of over 50 per cent over the next five years," Rakesh said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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