The move is part of a Dh300 million investment by UAE conglomerate in India's construction and renewable energy sectors

Dubai, March 20, 2013

DUBAI: UAE-based diversified conglomerate Mulk Holdings has recently commissioned a Dh36.7 million (US$10 million) manufacturing plant for Alubond U.S.A. ® Composite Panels in Mumbai, India. Spread over a 10-acre land, the plant hosts a state-of-the-art Alubond U.S.A. ® Composite Panels manufacturing facility that will primarily serve the growing Indian construction market.

The move is part of a Dh300 million expansion plan by the UAE-based conglomerate that owns the US-based Alubond U.S.A. ® brand. Once completed, these projects will create more than 2,000 jobs in India. The investment of Dh36.7 million (US$10 million) marks the development of the first phase of the plant.

The manufacturing plant has a production capacity of 1 million square meters of Alubond U.S.A. ®   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.

The company has already established a strong brand network by seting up marketing and distribution offices in all the Indian major cities to strengthen sales of the Alubond U.S.A. ® Composite Panels.

"We are pleased to commission Mulk Holdings' latest venture in India, which reflects our strong commitment to the growing Indian market where Alubond U.S.A. ® composite panels would fulfill 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 $210 million (Dh767 million) in the next three years," Shaji Ul Mulk said.

These expansion projects will consolidate Alubond's U.S.A. ®  global position as the worlds largest aluminum 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 Dh300 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. This is expected to turn Mulk Enpar into a large multinational conglomerate generating consolidated annual revenue of over Dh1.5 billion in the coming years.

Mulk Holdings, a Dh2.8 billion ($762 million) annual turnover company, has diversified business interests in manufacturing aluminum composite panels, solar panels, development of solar power plants as well as a wide network of high end diagnostic centers with telemedicine capability.

Mulk Holdings owns exclusive manufacturing and distribution rights of US-based Alubond USA ® aluminum composite panels. Alubond USA ® has, over the years, emerged as the world's largest metal composite brand with production bases in Europe, Middle East, and India. These developments take Alubond U.S.A ® brand and its business operations to the next level.

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About Mulk Holdings:
Mulk Holdings is a UAE-based diversified conglomerate with an annual turnover of Dh2.8 billion ($762 million), Mulk Holding has a global footprint in manufacturing and operations spread in key markets including the UAE, Saudi Arabia, Turkey, India, Europe, the United States, India, Sri Lanka and China.

Alubond U.S.A ® has, over the years, emerged as the world's largest metal composite brand with additional production bases in Europe, Middle East, and India. The new production bases in Sri Lanka and Saudi Arabia increased the installed capacity of metal composite panels to over 15,000,000 square metres and coil coating capacity to over 20,000 tonnes per anum.

For further information
Samantha Sabah
PR Manager
PR Squad
+ 971 4 393 769
samantha@prsquad.ae
www.prsquad.ae

Aasim Shaikh
Business Development Manager
Mulk Holdings
+971 6 526 220
aasimshaik@mulkholdings.com
www.mulkholdings.com

© Press Release 2013