Jindal Saw share price surged by 10% during Tuesday’s trading session after the company’s board approved three new international investments totaling $118 million, aimed at strengthening its presence in the iron and steel sector in the Middle East.
The company announced on Monday that it has sanctioned the formation of a step-down subsidiary in the UAE and entered into joint venture agreements to create two new firms in Saudi Arabia.
The new subsidiary in the UAE will concentrate on establishing a pipe manufacturing plant with an annual capacity of 300,000 tons in Abu Dhabi, intended primarily for the oil and gas industry throughout the MENA region.
In Saudi Arabia, Jindal Saw Holdings FZE, a branch of Jindal Saw, has collaborated with Buhur for Investment Company LLC to initiate a helically spiral welded (HSAW) pipe project.
Furthermore, a joint venture with RAX United Industrial Company will set up a ductile iron pipe manufacturing facility, thereby enhancing the company’s presence in the iron and steel sector in Saudi Arabia. The company has stated that it will secure all required government and regulatory approvals to facilitate the smooth execution of these projects.
