Jindal Saw enters into JV pact with Hunting
Source: IRIS | 23 Dec, 2021, 04.56PM
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 Jindal Saw, largest producers of SAW pipes, which is widely used in the energy sector, has entered into a Joint Venture Agreement (JV) with Hunting Energy Services, Singapore (Hunting).
A Joint Venture company will be incorporated in India with 51% shareholding to be held by the company and remaining 49% to be held by Hunting, with the object to set up a world class, state of the art precision machine shop (termed 'Centre of Excellence') to thread premium connections in India for Oil Country Tubular Goods (OCTG) including accessories for markets across the globe.
With this JV, Hunting will provide its patented premium connection technology, which will be to thread premium connection on seamless casing and tubing, used mainly in deep drilling activities in the oil and gas sector and become first in line to have such manufacturing facility in India.
This JV would open the doors of premium connection for OCTG from India to various parts of the world and would act as an import substitution for players in Oil and Gas drilling activities thereby making India self-reliant in this segment. This JV is aligned with nation's vision of becoming 'Atmanirbhar Bharat'.
Shares of the company gained Rs 3.50 or 3.60%, to trade at Rs 103.55. The total volume of shares traded was 169,620 at the BSE (3.28 p.m, Thursday).
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