Bahrain's Mumtalakat forms 49% JV with Indian firm
Synergies Castings, an Indian aluminium caster, will construct a facility in Bahrain under Mumtalakat's aegis
Mumtalakat, the investment arm of Bahrain's government, announced it has entered a 49% joint venture with Synergies Castings, an Indian aluminium caster and manufacturer of alloy wheels.
Synergies will establish an aluminium casting and alloy wheel manufacuring facility in the Kingdom.
This announcement comes on the heels of Mumtalakat's decision to buy 49% stake in Spanish aluminium firm Aleastur.
Synergies's plant will be constructed at the molten metal park currently under development adjacent to Alumnium Bahrain's presence in the country.
An annual production capacity of 25,000 metric tonnes, and 600 jobs, are expected from Synergies's facility.
Mumtalakt will support the project through its stake, and through the procurement of production approvals, land space, infrastructure services, and local debt financing.
Synergies will handle facility design and implementation, engineering operations, marketing, and daily administration work at the facility.
Commenting on the signing of the new joint venture, Mahmood Hashim Al Kooheji, CEO of Mumtalakat, said: “The signing of this strategic agreement with Synergies is part of our efforts towards the development of Bahrain’s downstream sector and will make a positive contribution to the Kingdom’s economy."
Aluminium Bahrain's increase in liquid aluminium production is expected to benefit the facility when it is completed.
Synergies's president, Shekhar Movva, said, “We were impressed not only with the hot metal availability and the impressive infrastructural facilities and support available in Bahrain, but by the progressive mind-set and proactive approach of the Mumtalakat team."