Unimech Invests in Saudi JV with Precision Engineering Facility
Precision engineering firm Unimech has invested Rs 39.36 crore in its joint venture, Kanoo-Unimech Advanced Manufacturing Solutions, located in Dammam, Saudi Arabia.
The investment, as part of the first tranche, is valued at SAR 15.3 million and brings Unimech's stake to 51% in the JV, which has a planned equity capital of SAR 60 million.
The facility aims to provide local precision engineering manufacturing for Saudi Arabia's oil and gas industry, with commercial production expected to begin by late March or early April 2027.
Anil Kumar, Chairman and Managing Director of Unimech Aerospace and Manufacturing Ltd., said, 'The first tranche of equity contribution to our Saudi joint venture marks an important milestone in establishing Unimech's manufacturing presence in the Middle East.'