Zamil Industrial establishes India base

Updated 09 March 2013
0

Zamil Industrial establishes India base

Dammam-based Zamil Industrial has become the first Saudi multinational corporation to establish a fully-owned subsidiary in India. The subsidiary will exploit the booming air-conditioners and home products segment, according to Zamil Industrial Chief Operating Officer Osama Al-Bunyan.
The company has acquired full stake in Advantec Coils and renamed it Zamil Air Conditioners India Pvt. Ltd. (ZACI) to launch its comprehensive range of residential, commercial and industrial air-conditioners, including the Turbomiser series chillers.
Zamil Industrial had acquired a 30 percent stake in Advantec Coil in February 2008, and recently bought the remaining 70 percent stake in the joint venture.
"The acquisition is a result of the company's strategic direction of value play to leverage multiple investments. We are confident of making big strides in the Indian market," Al-Bunyan said, adding that in the next three to five years, the company will target to get Rs. 1,500 crore worth business, or 10 percent of the Indian air-conditioner market.
"We will now be able to offer world-class technology at extremely competitive prices, revolutionizing the air-conditioner market not just in India but also the SAARC Region," said Dinesh Vijapurkar, director of New Delhi-headquartered ZACI.
Presently, Zamil Industrial's operations are spread across 55 countries and products marketed in over 90 countries. ZACI will now have two fully-integrated manufacturing facilities in Nalagarh in Himachal Pradesh with a total installed capacity of 1.20 million units per annum.
ZACI will also get direct access to the parent company's air-conditioner arm, Zamil Air Conditioners, Saudi Arabia, and Clima Tech/Geoclima, Italy. Besides India, Zamil Industrial has manufacturing facilities in Saudi Arabia, UAE, Egypt, Vietnam and Italy.


UK health minister tells companies to stop warnings about Brexit

Updated 24 June 2018
0

UK health minister tells companies to stop warnings about Brexit

  • Britain’s health minister Jeremy Hunt said on Sunday it was inappropriate for businesses like Airbus to issue warnings about moving jobs because of Brexit
  • Airbus on Friday issued its strongest warning yet over the impact of Britain’s departure from the EU, saying a withdrawal without a deal would force it to reconsider its long-term position and put thousands of British jobs at risk.

LONDON: Britain’s health minister Jeremy Hunt said on Sunday it was inappropriate for businesses like Airbus to issue warnings about moving jobs because of Brexit.
“It was completely inappropriate for businesses to be making these kinds of threats for one very simple reason — we are in an absolutely critical moment in the Brexit discussions and what that means is that we need to get behind Theresa May to deliver the best possible Brexit,” Hunt said told the BBC.
“The more that we undermine Theresa May the more likely we to end up with a fudge which will be absolute disaster for everyone.”
Airbus on Friday issued its strongest warning yet over the impact of Britain’s departure from the EU, saying a withdrawal without a deal would force it to reconsider its long-term position and put thousands of British jobs at risk.