A Dubai-based company said on Tuesday it had signed a $150m deal with a Russian nuclear engineering specialist to set up a manufacturing unit in India.
Dubai's Dodsal Group and Atomenergomash (AEM), a Russian heavy equipment engineering company that specialises in the fields of nuclear energy, inked a memorandum of understanding to pursue joint commercial activities in India.
Dodsal Group and AEM have agreed to co-operate in the fields of manufacture and supply of power equipment for nuclear and thermal power projects.
The agreement, which followed extensive high level meetings between Dodsal and AEM senior management, will see a manufacturing unit being established in India with an initial investment of about $150m, Dodsal said in a statement.
It added that commercial operations were expected to start in the first quarter of 2013.
Rajen A Kilachand, chairman and president of Dodsal Group, said the move would see the company diversify away from its current mining, oil and gas exploration activities to include manufacturing and supply of equipment for nuclear and thermal power plants.
Dodsal Group is one of the biggest energy and infrastructure development companies in the world and has successfully implemented projects in over 22 countries, employing more than 25,000 employees.
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