$105m Abu Dhabi plant
Steel pipe for oil sector
Two Saudi JV investments
Jindal SAW, a manufacturer of steel pipes for the energy, transportation and water sectors, will invest $118 million to expand its operations in the Middle East and North Africa (Mena).
The company will establish a facility in Abu Dhabi for $105 million, with an annual production capacity of 300,000 tonnes of seamless pipe, the company said in a filing to the Bombay Stock Exchange on Tuesday.
The facility, which is expected to be completed in three years, will primarily cater to the oil and gas sector in the Mena region.
In Saudi Arabia, the company will invest through its wholly owned subsidiary, Jindal Saw Holdings, into two new joint ventures.
The first joint venture will be formed with Buhur for Investment Company to set up a plant for manufacturing helically spiral-welded pipes.
Jindal SAW will hold a 51 percent stake in this venture, with an investment commitment of up to $10 million.
The facility is expected to be completed in two years, the statement said.
The second joint venture will be with RAX United Industrial Company for the development of a ductile iron pipe manufacturing unit.
The Indian company will hold a 51 percent stake, with a capital investment of up to $3 million.
The project is likely to be completed within 12 to 18 months, the statement said.
