Will invest in 750,000 sqft manufacturing facility in Al Ghail industrial park
IFM Correspondent
November 21, 2014: Ras Al Khaimah Investment Authority (RAKIA) has signed Everest Industries, one of the fastest growing building solutions companies in India, as its tenant. Everest will occupy 750,000 sqft in RAKIA’s Al Ghail industrial park.
The India-based company plans to initially produce 10mn square metre of fibre cement boards used in prefabricated housing, facades, flooring, wet area lining and ceilings. The new agreement with RAKIA marks the company’s first international green field venture and adds to a manufacturing footprint that currently spans eight locations across India. Everest is expected to source raw material for its manufacturing process locally.
Probir Chakraborty, COO, RAKIA, said Everest’s presence in the industrial park is a testament to RAKIA’s ability to offer unrivalled opportunities to foreign companies. “On behalf of RAKIA, I am extremely pleased to welcome Everest Industries to our Al Ghail industrial park. Everest Industries has been at the forefront of technology in the building solutions space for eight decades. Now more than ever, RAKIA is gaining recognition as the gateway for global industry in the Middle East and North Africa,” he said.
Aditya V Somani, chairman, Everest Industries said that a lot of research had gone before zeroing in on RAKIA. “Everest is a very conservative and traditional organisation. Hence, considerable research and studies have gone into choosing a location for our first overseas venture. When we picked RAKIA, we considered the real strategic advantage of the location. RAKIA officials have also been very cooperative and ever-willing to extend all the help that we needed to set up the unit. We look forward to a fruitful association with RAKIA in the time to come.”
Everest Industries joins other global enterprises at RAKIA’s Al Ghail industrial park, such as, Ashok Leyland, one of the world’s leading
manufacturers of buses and trucks. Interest from manufacturing companies is growing around RAKIA’s Al Ghail, and the industrial park is expected to play a strong role in attracting foreign direct investment to the emirate.