Mitsubishi Corp invests in Turkey’s Çalık to win the region’s energy business
TOKYOMitsubishi Corp., Japan’s largest trading house, said it will buy shares in and exchange personnel with a unit of Turkish conglomerate Çalık Holding, as it seeks to win more energy and infrastructure orders in Central Asia and the Middle East.
“Mitsubishi Corporation is pleased to announce that it has entered into a strategic alliance with Çalık, one of leading conglomerates in Turkey, and Çalık Enerji, a subsidiary of Çalık, which includes the acquisition of shares in the energy unit and exchange of personnel,” the company said in an online statement June 4.
Mitsubishi’s goal is to boost orders for infrastructure in the energy, power and other sectors in fast-growing economies such as Turkey and its surrounding countries, including in northern Africa, according to the company.
The partnership between Çalık and Mitsubishi Corp. dates back to the 1990s, when the two companies started collaborating on a number of plant construction projects in Central Asia, according to the statement.
Last year, Mitsubishi Corp. teamed up with another Çalık subsidiary, Gap İnşaat, which specializes in construction, to secure the order for constructing a $1.3 billion dollar fertilizer plant in Turkmenistan.
“Working together to execute these projects throughout the region has enabled Mitsubishi Corp. to build strong ties with Çalık,” the company added.
Çalık has business operations in many industries, including textiles, energy, construction and finance. Both Çalık Holding and its energy unit are chaired by its founder, Ahmet Çalık.