Sarin Technologies India enters MoU for land deal in Surat

Sarin Technologies Ltd.’s wholly owned Indian subsidiary, Sarin Technologies India Pvt, Ltd. has entered into a memorandum of understanding, to buy approximately 2,400 square meters of land in Surat, India. The deal is expected to be worth around US$ 2.2 million. Sarin India plans to initially build approximately 2,000 square meters (with future expansion to 3,000 square meters possible) scheduled to be completed in early 2013 and the total cost (land and building) is expected to be under US$ 3.5 million. Funding will be from Sarin India’s own resources and available bank financing. The MOU is subject to the satisfactory fulfillment of closing obligations by the parties.

Oded Ben Shmuel, General Manager of Sarin India, stated, "We intend to build the unit to accommodate Sarin India’s existing and future needs related to its product support and services for rough and polished diamonds for Surat’s diamond manufacturers. As Surat is the world’s foremost diamond polishing centre, and as our needs have outgrown the capacity of our current older leased facilities, spread over multiple locations, we decided that the time has come, having been operating in Surat since 2004, to provide our staff and customers with the necessary and appropriate environment to work and develop together.

The new unit will act as a consolidated ‘one roof’ solution, providing Sarin India’s customers and staff with modern 21st century infrastructure and Sarin India’s Surat Galaxy inclusion mapping service centre, Quazer laser sawing service centre as well as its customer requirements liaison staff, customer service, technical support and training personnel and facilities and other logistics infrastructure. It will also provide for future growth and expansion to support Sarin’s planned polished diamond service offerings.

As the said site is situated in Surat’s prime diamond manufacturing area, it will allow Sarin India’s customers easy access to the service centres and, conversely, Sarin India’s technical support personnel quick access to customer sites.

Bill Kessler, Sarin’s Group CFO added, “We believe that once the new unit is opened it will reduce our operating expenses, as overheads will be reduced by having all our various departments in the same unit, and we further expect to save on rental expenses which have been increasing over the past few years.”