The Dubai based Dodsal group and Atomenergomash (AEM), a Russian heavy equipment engineering company specialising in nuclear and conventional energy on Wednesday announced signing of a Memorandum of Understanding (MOU) to co-operate in the fields of manufacture and supply of power equipment for nuclear, thermal and oil and gas projects in India.
A joint-statement from the two companies said, “Dodsal and AEM rallied around a plan to set up a manufacturing unit in India with an initial investment in the range of $150 million.”
The statement further said that the two companies have agreed to pursue opportunities for joint manufacture of power equipment and components for power projects, and to co-operate for the transfer of technology and rendering of consultancy services to pursue their common objectives.
The two sides have also agreed to follow a strict time line for the implementation of the contents of the MoU and have targeted start-up of commercial production by the first quarter of 2013.
“The joint activities take into account the bilateral agreements and international obligations of Russian and India,” the statement said.
Dubai-headquartered Dodsal Group, which employs over 25,000 people, has implemented 22 projects in the Middle East, Europe, Africa, Indian subcontinent and South-East Asia.