Mitsubishi Corp., Japan’s biggest trading house, said it will buy shares in and exchange personnel with a unit of Turkish conglomerate Calik Holding AS as it seeks to win more energy orders in Central Asia and the Middle East.
The Tokyo-based trader will build a strategic alliance by buying shares of Calik Enerji Sanayi ve Ticaret AS, whose operations include energy plant engineering and construction, Mitsubishi said in a statement on its website.
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 investment in Calik is around 10 billion yen ($80 million), NHK, Japan’s state broadcaster, reported earlier Thursday. Mitsubishi didn’t disclose the size of the deal.
Calik operates in businesses from textiles to energy and mining, construction and finance, with assets including Aktif Yatirim Banasi AS, one of Turkey’s largest privately owned investment banks.
Both the Calik holding company and its energy unit are chaired by founder Ahmet Calik.
Mitsubishi’s partnership with Calik dates back to the 1990’s, according to the Japanese company’s statement. Last year, it teamed up with another Calik subsidiary to win a $1.3 billion order for a fertilizer plant in Turkmenistan, it said.