Hyderabad, Dec 21 (IANS): Leading precision engineering company, Azad Engineering, on Wednesday laid the foundation stone for an exclusive manufacturing facility for Japan's Mitsubishi Heavy Industries near Hyderabad.

The $20 million plant at Tunikibollaram near Hyderabad is scheduled to become operational by mid-2024. It will be part of Azad Engineering's upcoming centre for excellence and innovation centre and will employ about 300 people.

Rakesh Chopdar, Managing Director of Azad Engineering, laid the foundation stone for the new 11,800 sq mt facility.

Azad and Mitsubishi's journey started about a decade ago with a few machines, progressed to an exclusive bay in their current manufacturing unit, and has now entered a new dimension with the forthcoming manufacturing facility being set up exclusively for MHI.

"The collaboration with Mitsubishi to build an exclusive facility is an outcome of our commitment and sustained effort to deepen our relationship as a preferred partner of global original equipment manufacturers (OEMs). It's a highpoint in our decade-long business association with Mitsubishi and testimony to Azad's commitment to excellence," Chopdar said.

Raja Ram Reddy, Engineering Head, MHI, Japan, said, "Our quality requirements are among the highest in the world and Azad is the only partner outside Japan, for few critical components, who can meet the demanding standards. So, we partner with them for gas and steam airfoils. They are wedded to customer centric approach and rate high on cost competitiveness, making them extremely attractive partners in our supply chain."