Azad Engineering, a Hyderabad-based company, has announced that it is building its third manufacturing facility near here at a cost of more than Rs 500 crore to manufacture and export super critical components for global Original Equipment Manufacturers in the aviation and power generation industries.
The business stated that it intends to invest the funds over the next three years in a staged way on this project, which will span 23.45 acres and for which the foundation stone was set in the Medchal Malkajgiri district.
The first phase of development, covering 30,000 square metres, will be completed by July 2022, according to the company, which also stated that the facility will be operating by Q2 of FY23, and that the plant will employ around 1,000 employees.
