The board of directors of Indian pipe manufacturer Jindal Saw has approved new international investments totaling $118 million to strengthen its presence in the Middle East.
The largest initiative involves the creation of a 100% subsidiary in Abu Dhabi (UAE) to build a seamless pipe plant with a capacity of 300 thousand tons per year. The unit will serve the oil and gas sector in the Middle East and North Africa region. The project is expected to cost up to $105 million and take about three years to complete.
In Saudi Arabia, Jindal Saw is investing in two joint ventures through its subsidiary Jindal Saw Holdings FZE. The first one will be set up with Buhur for Investment Company LLC to build a spiral-welded (HSAW) pipe production facility. Jindal will hold a 51% stake, with investments of up to $10 million. The estimated project implementation period is two years.
The second joint venture in the country will be established with RAX United Industrial Company. The cooperation involves the construction of a plant for the production of high-strength cast iron pipes. Jindal’s share, as in the previous case, will be 51%, investment commitments will be up to $3 million, and the project is expected to be completed in 12-18 months.
None of the companies has been registered yet, and it is planned to obtain the necessary regulatory and governmental approvals as needed.
Jindal SAW is a manufacturer and supplier of iron and steel pipes and iron ore pellets. The company has production facilities in India, Europe, the USA and the UAE (MENA).
