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, according to a company 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 solu-?tions to more than 30 countries, the new agreement with Rakia marks the company?s first international green-?field venture and adds to a manufacturing footprint that currently spans eight locations across India.