Jindal Saw shares soar 11% after unveiling $118 million capex plans in middle-east
Shares of pipe manufacturer
Jindal Saw
surged nearly 11% to Rs 257.2 in Tuesday's intraday trade after the company announced major expansion plans in the Middle East.
On Monday, June 9, Jindal Saw said its board had approved three international investments totalling up to $118 million, aimed at expanding its footprint in the iron and steel sector across the region.
The largest of the three projects involves setting up a 100% owned step-down subsidiary in Abu Dhabi, UAE, to establish a seamless pipe manufacturing facility with a capacity of 300,000 tonnes per annum. This unit will cater primarily to the oil and gas sector in the MENA region, with an investment of up to $105 million and a completion timeline of approximately three years.
In Saudi Arabia, the company plans two joint ventures via its subsidiary Jindal Saw Holdings FZE. The first is with Buhur for Investment Company LLC to set up a helically spiral welded (HSAW) pipe plant, with Jindal holding a 51% stake and investing up to $10 million. The project is expected to be completed in two years.
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The second JV is with RAX United Industrial Company to build a
ductile iron pipe manufacturing
facility, also with a 51% stake and an investment of up to $3 million. This project is scheduled to be completed within 12 to 18 months.
All three entities are yet to be incorporated, and the company said it will obtain the necessary regulatory and government approvals. The investments will be made entirely in cash.
At 10:56 am, the stock was trading 10.4% higher at Rs 256.1. Jindal Saw has gained 27% in the past one month, although it remains down 23.5% over the last six months.
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