Dubai-based infrastructure
development firm Dodsal and
Russia's heavy equipment
engineering company Atomenergomash
(AEM) have agreed to set up a
manufacturing unit in India with an initial
investment of $150 million.
The two companies have agreed to
pursue opportunities to jointly
manufacture power equipment and
components for power projects and to
cooperate for the transfer of technology,
according to a statement released by the
companies.
After nearly one year of negotiations and
a series of meetings in Mumbai and
Moscow, top officials of the two
companies signed a memorandum of
understanding (MoU) for the project in
Dubai Monday. The project is likely to start
commercial operations from the first
quarter of 2013.
Dodsal Group and AEM, the engineering
division of one of Russia's largest power
firm State Atomic Energy Corporation,
agreed to cooperate in manufacturing and
supply of power equipment for nuclear and
thermal power projects, apart from the oil
& gas industry.
The agreement follows the acquisition
of Chennai-based AE&E IDEA (India) Pvt
Ltd by Dodsal Group in March this year.
AE&E IDEA will now be merged into the
wider engineering, procurement and
construction business of Dodsal Group.