Everest Industries, a leading building solutions company in India, has signed an agreement with Ras Al Khaimah Investment Authority (Rakia) to set up a fibre cement boards unit in the latter's industrial park.

Everest will invest Dh55 million ($14.97 million) on 750,000 sq ft manufacturing facility in Rakia’s Al Ghail industrial park in Ras Al Khaimah, UAE, said a statement.

Everest plans to initially produce 10 million sq m of fibre cement boards used in prefabricated housing, facades, flooring, wet area lining and ceilings, within 15 months.

While the India-based company exports building products and solutions to more than 30 countries, the new agreement with Rakia marks the company’s first international greenfield venture and adds to a manufacturing footprint that currently spans eight locations across India. Everest expects to source raw materials for its manufacturing process, such as cement and silica, locally.

Probir Chakraborty, chief operating officer, said: “On behalf of Rakia, I am extremely pleased to welcome Everest Industries to our Al Ghail industrial park. Everest Industries has been at the forefront of technology in the building solutions space for eight decades, and its presence here is a testament to Rakia’s ability to offer unrivalled opportunities to foreign companies who recognise the value of setting up in a stable environment with low operating costs.”

Aditya V Somani, chairman of Everest Industries, added: “Everest is a very conservative and traditional organisation; hence considerable research and studies have gone into choosing a location for our first overseas venture. When we picked Rakia as our choice, we considered the real strategic advantage of the location.

“Rakia officials have also been very cooperative and ever-willing to extend all the help that we needed to set up the unit. We look forward to a fruitful association with Rakia in the time to come.”

Everest Industries joins other global enterprises at Rakia’s Al Ghail industrial park, such as Ashok Leyland, a leading manufacturer of buses and trucks.

Interest from manufacturing companies is growing around Rakia’s Al Ghail, and the industrial park is expected to play a strong role in attracting foreign direct investment to the emirate. - TradeArabia News Service