Mulk Holdings signs Dhs2b deal with India's ASPI

BY PMA RASHEED

The Gulf Today, 8 April 2010

SHARJAH: Mulk Re, the renewable energy arm of UAE-based Mulk Holdings has inked a Dhs.2 billion worth agreement with Aditya Solar Power Industries (ASPI), based in India's IT boomed metro of Bangalore, to install a 200 Megawatt solar thermal project in India.

The joint venture agreement between the two solar product manufacturers was signed jointly by Nawab Shaji Ul Mulk, Chairman of Mulk Holdings and Khurram Khan, Managing Partner of the MULK RE, with RT Mukunda, Chairman of Aditya Solar Power Industries.

"The joint venture agreement for supply and installation of the solar thermal power plants in India will be completed in two phases," said Shaji.

"A 40 Megawatt solar energy plant will be completed before the end of this year, during the first phase. The second phase of 160 Megawatt plant will be successfully accomplished by 2013," he added.

According to Shaji, the total project value covering both the phases is estimated at above Dhs.2 billion. Both the groups will have a 25 per cent equity stake in the first 40 MW project to be executed immediately and completed within 18 months.

"Major components for the project will be manufactured in the UAE and be exported to India for the initial phase. Meanwhile, a full-fledged manufacturing facility with a capacity of 500 MW will be established in India for the coming phases," he explained.

"Solar energy is a unique module, wherein the business houses can further contribute to initiatives for social responsibility, sustainability and actions to reduce global warming and climate change," pointed out Shaji.

The Mulk group also has signed another contract of joint venture named Mulk-City Interiors, with City Group of Companies, which operates City Tower chain of hotels, restaurants and real estate businesses. Tuaseef Khan, Chairman of the City Group, signed the agreement with Nawab Shafi, the boss of Mulk Holdings.

"The Contract interiors manufacturing facility is a 50 million investment factory and City Interiors will merge with Mulk Holdings to form the Mulk-City Interiors on a 50 to 50 basis," said Shaji.

RT Mukunda, Managing Partner of Aditya Solar Power Industries, said, "The 200 MW of Solar Power Plant will be developed in India with the patronage of the government. The MULK RE Parabolic Troughs technology has been confirmed after an extensive research of various technologies available internationally."

Sanjeev Verma, Indian Consul General in Dubai, was the guest-of-honour at the ceremony to the multi-million business contract between the UAE and Indian solar firms.

"The joint venture becomes significant, in light of India Government's announcement of the Jawaharlal Nehru Solar Mission committing India to install 25,000 MW solar power plant, before the year 2022," he said.

Saadullah Khan, Business Development Director at the Mulk Holdings, said the Mulk Renewable Energy has invested in energy saving and energy conservation products.

"The group has business interests in a range of fields such as manufacturing of building materials and energy saving products, renewable energy, healthcare and real estate," he added.

"Being a multinational conglomerate Mulk Holding has a strong global business network linked with more than 80 countries. The group has been awarded with the coveted MRM Award by His Highness Sheikh Mohammed Bin Rashid Al Maktoum for The Best Foreign Factory in the UAE," explained Khan.