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Mulk Holdings and Aditya Solar Power in Dh2b deal
DUBAI — Mulk Holdings, an Ajman-based producer of aluminium cladding for buildings, has signed two joint venture agreements worth Dh2 billion to set up first-ever solar thermal project in the UAE.
Mulk Renewable Energy, a group company of Mulk Holdings, signed the first agreement with Bangalore-based Aditya Solar Power Industries to set up a 200 megawatts solar thermal power plant project at Hamriyah Free Zone in Sharjah. It signed the second joint venture deal with City Interiors to set up state-of-the-art interiors contract manufacturing facility.
Chairman Mulk Holdings Nawab Shaji Ul Mulk, Managing Partner of Mulk Renewable Energy Khurram Khan and Chairman Aditya Solar Power Industries R.T. Mukunda and Chairman of City Group Tuaseef Khan witnessed the signing ceremony in the presence of chief guest Sanjeev Verema, Consulate General of India on late Tuesday.
Talking to Khaleej Times, Nawab Shaji Ul Mulk said the first-ever solar power project in the country is a major step and will put the UAE on top in clean energy sector. He said the first joint venture agreement for the supply and installation of solar thermal power plants in India would be completed in two phases by 2013. “Phase one will see the execution of 40 megawatts to be completed before 2012 and the balance 160 megawatts will be completed by 2013,” he said adding that the total project value covering both phases is estimated to be over Dh2 billion. “We will have a 25 per cent equity stake in the first 40 megawatts project to be executed immediately and completed within 18 months.”
Nawab Shaji Ul Mulk said major components would be manufactured in the UAE and then exported to India for the initial phase.
“A full-fledged manufacturing facility for 500 megawatts capacities will be established in India in next phases,” he said. Chief guest Sanjeev Verma hailed Mulk Holdings for their innovative approach and the strides made in developing solar technology and promised government support in all their endeavours. “India is moving ahead with a healthy double-digit growth and I see The New India spirit in Mulk Holdings and Mukunda. The Govt of India has announced The Jawaharlal Nehru Solar Mission committing India to install 25,000 megawatts before 2022 and this was done after a thorough deliberation. India is now committed to realise this and lead the way in solar power deployment.”
Regarding the second Joint venture agreement, he said it will set up a manufacturing facility. “This is a Dh50 million project to set up a new factory in collaboration with City Interiors, which is going to be merged with Mulk Holdings on a 50-50 basis,” he said.
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