Stock Report

Sealmatic India Limited partners with Al Habshan in Abu Dhabi, UAE

Posted On : 2023-10-09 16:19:02( TIMEZONE : IST )

India and United Arab Emirates (UAE) enjoy strong bonds of friendship based on age-old cultural, religious and economic ties between the two nations. UAE is home to Indian expatriate community of more than 3.5 million - the largest expatriate community in the UAE. The Indian community has played a major role in the economic development of the UAE. The UAE is now India's third-largest trading partner, behind only the economic giants of China and the United States. And simultaneously India is the second-largest trading partner for the UAE, worth US$ 42 billion, excluding oil.

As of 2022, the United Arab Emirates was the one of the largest crude oil producer and the fourth-largest producer of petroleum liquids in the Organization of the Petroleum Exporting Countries (OPEC). The oil and gas sector is critical to the United Arab Emirates economy, contributing significantly to the country's revenue.

In November 2022, ADNOC announced an investment of USD 150 billion over the next five years to enable an "accelerated growth strategy" for oil and gas production.

Thus, this creates a strong demand for high-quality mechanical seals.

Habshan Trading Company (HTC) is a 100% locally-owned company which was established in 1975 by the Al-Mazrouie family. HTC is one of the major suppliers of industrial equipment to the Oil & Gas and Power sectors of the United Arab Emirates.

Sealmatic India Limited (further referred as "Sealmatic") & Al Habshan have partnered for selling, repair and refurbishment of Sealmatic mechanical seals in Abu Dhabi to serve customers in the oil and gas, petrochemical, power, water, desalination, chemical and other process industries. Sealmatic recognizes the immense potential within this market and is eager to bring its expertise, cutting-edge and tailor-made solutions to the UAE. By partnering with Al Habshan, a company with a strong local presence and a deep understanding of the region's industries, Sealmatic aims to cater to the varied needs of customers in the UAE by offering its global standards of excellence.

Sealmatic has tremendous global experience with great success in supplying high performance mechanical seals to the oil & gas, power generation and water sectors. The partnership between Sealmatic and Al Habshan heralds a new chapter in the field of mechanical seals in the UAE region. It is a synergy of global expertise and local insight, driven by a commitment to excellence and customer satisfaction. As Sealmatic's presence in the UAE strengthens, so too does the bond between the UAE and India, demonstrating the enduring spirit of cooperation and growth that unites these two nations.

"The next step will be to extend the benefits of the Sealmatic/Habshan alliance to our customers in UAE," explains Umar A K Balwa, Managing Director of Sealmatic India Ltd. "Together, we are even faster and can precisely respond to our customers' needs 24/7, offering a high level of availability, 365 days a year. Classic, personal, local and global, digitally connected. "Further to the above Mrs Sada Salmanova of Al Habshan added by explaining the Sealmatic/Habshan alliance's plans for the future: "We have joined forces to offer our customers a service package that can be tailored to all applications while at the same time progressively expanding our joint global service presence." Top-quality service will be ensured through continuous training of technical personnel. Concluded Mrs Sada Salmanova "that we are here to get a juicy slice of the USD 60 Million mechanical seals market in UAE".

Shares of Sealmatic India Limited was last trading in BSE at Rs. 490.25 as compared to the previous close of Rs. 510.50. The total number of shares traded during the day was 8400 in over 14 trades.

The stock hit an intraday high of Rs. 510.00 and intraday low of 490.25. The net turnover during the day was Rs. 4220160.00.