Titan and Aerolam Middle East, two leading Indian companies, are set to launch their operations in Bahrain with a total investment of $45 million.
A part of the multi-billion dollar Tata Group, Titan is gearing up to launch fine jewellery brand Tanishq in Bahrain, backed by a franchise partner from India.
The company, which is the world’s fifth largest wristwatch manufacturer, said its total investment will be approximately $30m as it opens three retail outlets across the kingdom over a span of 15 months to 18 months.
Set to be established in the Bahrain International Investment Park (BIIP) at an investment of $14.5m, Aerolam Middle East is a subsidiary of Aerolam Insulations from the Indian state of Gujarat.
It will specialise in the production of insulation material like foam sheets and cross-linked polyethylene pipes, precisely designed with high-end engineering and advanced research and development teams.
The announcements were made on the sidelines of the high-level Bahraini delegation’s visit to India last week, which was organised by the Bahrain Economic Development Board (Bahrain EDB) with the support of the Industry and Commerce Ministry to highlight investment opportunities in Bahrain across priority sectors.
Commenting on the brand’s Bahrain foray, Tanishq head of operations Naresh Nair said, “Tanishq has been synonymous with superior craftsmanship, exclusive designs, inimitable customer service and guaranteed product quality for over two decades. Thanks to the level of support and agility of Bahrain’s government, they made it incredibly easy for us to set up our operations in Bahrain. We look forward to bringing our leading brands and products to Bahrain. We have earmarked the location of our first store and will be opening three retail outlets over a span of 15 months to 18 months.”
Brijesh Patel, managing director at Aerolam Insulations, said, “With the active support of the government of the kingdom, we look forward to setting up our first manufacturing unit outside India. Bahrain was a natural choice given its central location and advanced logistics infrastructure, enabling us to cater to the GCC with greater speed and efficiency.”
Welcoming the “robust investments”, Ali Al Mudaifa, chief of business development at Bahrain EDB, commented, “We’re thrilled to see these leading companies set up in Bahrain and benefit from the key advantages that the kingdom uniquely has to offer. With Bahrain’s business-friendly environment and advanced logistics infrastructure, we expect both companies to cement a strong foothold, adding to the diversity of our economy and capitalising on the country as a gateway to the region.”
With strong bilateral relations, India consistently ranks as one of Bahrain’s top 10 trading partners.
The volume of trade between India and Bahrain has increased by 30 per cent since 2018, reaching $1.4 billion in 2022.
Focusing on key sectors, including financial services, ICT, logistics, manufacturing, and tourism, Bahrain EDB attracted more than $1.1bn in foreign direct investment from multiple companies across the world in 2022, which are expected to generate over 6,300 jobs in the local market over the next three years.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).