Unimech Completes First Tranche of Capital Infusion in JV for SAR 15.30 Million
Unimech Aerospace and Manufacturing Limited infused SAR 15.30 million (approx. ₹39.36 crore) into its joint venture, Kanoo Unimech Advanced Manufacturing Solutions. This capital infusion secures Unimech a 51% controlling stake in the JV, which will establish a precision engineering facility in Saudi Arabia. A second funding tranche is planned.
The investment in a joint venture for advanced manufacturing is significant for the company's growth and market presence, but the full impact will be seen after the second tranche and commencement of operations.
The company has successfully completed a capital infusion, securing a controlling stake in a joint venture, which is a positive development for its business expansion.
Unimech Aerospace and Manufacturing Limited has successfully completed its first tranche of capital infusion in its Joint Venture Company (JVC), Kanoo Unimech Advanced Manufacturing Solutions. This infusion amounts to SAR 15.30 million (approximately ₹39,35,54,250), representing Unimech's 51% share of the initial funding tranche of SAR 30 million. Yusuf Bin Ahmed Kanoo Company Limited contributed the remaining 49% share of SAR 14.70 million.
Following this initial equity subscription, Unimech holds a controlling 51% stake in the JVC, with Kanoo holding 49%. The second tranche of funding, also totalling SAR 30 million (with proportionate contributions from both Unimech and Kanoo), will be infused subsequently as per the agreed investment schedule.
The JVC, established as a joint venture between Unimech and the Kanoo group, aims to set up a greenfield advanced machining and remanufacturing facility in Dammam, Saudi Arabia. This facility will cater to the upstream oil & gas, utilities, defense, and mining sectors, addressing the increasing demand for precision engineering services.
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