Azad Engineering has entered into a non-binding memorandum of understanding (MoU) with Baker Hughes Saudi Arabia (Baker Hughes). The parties have entered into the MoU to enable discussions regarding the potential for an arrangement between the Company and Baker Hughes, Kingdom of Saudi Arabia (KSA) to, amongst other things, enable the Company to set up a facility to manufacture and supply of precision components, sub-assemblies, assemblies, to cater the requirements within the Kingdom of Saudi Arabia.
The memorandum of understanding is valid for a period of one year from the date of execution. The parties may enter into definitive agreements pursuant to the MoU. Subject to mutual understanding between the parties, the terms of the arrangement will be detailed in the definitive agreement(s) which may be executed between the parties in this regard.
Azad Engineering is one of the key manufacturers of its qualified product lines in the aerospace and defence, energy and oil and gas industries, manufacturing highly engineered, complex and mission and life-critical components.
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