Precision engineering firm Azad Engineering has decided to set up a new, $80 million manufacturing plant in Hyderabad and hire an additional 1,500 people over the next three years.
A move aimed to ramp up capacity as the founder Rakesh Chopdar says demand from aerospace and energy partners is expected to grow beyond the $250 million orders secured for the next five years, it will see the company establishing the plant on 50 acres allotted by TSIIC near Genome Valley.
Mr.Chopdar spoke on the plans, of the company he established in 2008, while announcing the successful closing of a first round funding of $20 million from DMI Management. A release said DMI is backed by New Investment Solutions - a Liechtenstein-based asset management firm with an investment of $2 billion globally in equity, debt and alternative assets.
Azad Engineering manufactures complex and super critical rotating components for turbine and aerospace industry. The firm, which has a plant in Jeedimetla here and headcount of around 800, is a qualified Tier 1 partner to leading OEMs such as GE, Mitsubishi, Siemens, Toshiba, Boeing, Honeywell Rafael, BHEL and HAL.
It would raise the remaining $60 million required for new facility over the next three years. The facility was likely to be ready over the next 18 months, he says.
“Azad is among a handful of Indian engineering companies that can manufacture consistently at high levels of precision. The quality of its global customer roster is a testament to its excellence,” Portfolio Manager of DMI Management Services Anshuman Malur said in the release.