Singapore-based Petroleum Specialties Private Limited (PSPL), a fully-owned subsidiary of India's Apar Industries Limited, has announced plans to set up a manufacturing unit at Hamriyah Free Zone in Sharjah, UAE.

Apar Industries managing director Kushal N Desai signed an agreement yesterday (November  18) with  Sheikh Khalid bin Abdullah bin Sultan Al Qasimi, chairman of Hamriyah Free Zone Authority (HFZA), Sharjah Airport International Free Zone (Saif Zone) and the Sharjah Sea Ports and Customs Department, in this regard.

Saud Al Mazrouei, director of HFZA and Saif Zone; Sanjay Abhyankar, senior vice president of Apar Industries and project manager for HFZA project; Shirish Patwardhan, executive director, Rchemie International; Sanjit Ghate, director of operations, Rcheme International, and other top officials were present at the signing ceremony that took place at Saif Zone.

Apar Industries is the largest manufacturer of transformer oil, white oils, rubber process oils and lubricants (industrial and automotive) in India and the fourth largest producer of transformer oils in the world. GCC and Africa account for a significantly large portion of Apar’s export revenues.

The group, a $850 million diversified company, offers value added products and services inlcuding power transmission conductors, petroleum specialties and power cables. The group accounts for about 50 per cent of the Indian transformer oils market and about 22 per cent of its aluminium conductor market.

“Our goal is creating a robust business environment by meeting the needs and demands of our investors,”  said Saud Salim Al Mazrouei while welcoming  the fourth largest manufacturer of  transformer oils in the world  to HFZA.

“We are keen to set up a manufacturing unit at HFZA which can cater to the African/Mena market and help in expanding our  reach to  the  CIS countries,” said Desai.

“We will set up this manufacturing facility through our Singapore-based subsidiary Petroleum Specialties Pte Ltd,” he added. While asked about the investment, he said “the project is huge and still on the drawing board. Once detailed engineering is done we will be able to furnish further information about the project cost, working capital etc.”

 “HFZA has extended extensive support to us and PSPL has been awarded 30,000 sq m of land in HFZA to develop the facility and we plan to complete the project by December 2015,” said Abhyankar.

 “We are moving to HFZA due to its strategic location and as per the recommendation of our business associates Rchemie International FZC which already has a base in HFZA,” he said.

“Currently Apar Industries, which is listed on the Bombay Stock Exchange (BSE), exports specialty oils to more than 70 countries.” Abhyankar explained.

Hamriyah Free Zone houses 6,000 companies from across 155 nations, welcoming foreign investment from more than 500 industries in the key sectors of oil and gas, petrochemicals, maritime, steel, construction, and food. - TradeArabia News Service