Riyadh – Mubasher: Alujain Corporation has signed a memorandum of understanding with Samvardhana Motherson International Limited to partner in a manufacturing complex.
The industrial complex manufactures specialised engineering and plastic compounds, according to a bourse filing.
The project aligns with efforts to localise specialised plastic compound industries, supporting spare parts, automotive, and other specialised manufacturing sectors following the objectives of Saudi Arabia Vision 2030.
The MoU reinforces Alujain’s expansion into engineering plastics production for automotive and specialised industries, aiming to boost local content, global competitiveness, and sustainability through strategic partnerships with international firms.
Furthermore, the agreement aims to establish a product development and innovation centre with advanced technical capabilities, leveraging government support programmes to maximise benefits for local industrial companies.
In January, Alujain Corporation inked a deal to sell a 35% stake in its subsidiary National Petrochemical Industrial Company (NATPET) for SAR 1.87 billion.
