US-based Hunting, Jindal SAW to invest USD 25 million to set up precision machine shop in Nashik
US-based Hunting Energy Services (Hunting PLC) will set up a precision machine shop in a joint venture with homegrown steel pipes maker Jindal SAW at an initial investment of up to USD 25 million (about Rs 175 crore), a top company official said on Wednesday.
Addressing a virtual conference, Hunting PLC CEO Jim Johnson said it will be India's first state-of-the-art premium OCTG threading plant, which will be set up in Nashik, Maharashtra.
While Jindal SAW will hold a 51 per cent stake in the JV, Hunting Energy will own the remaining 49 per cent.
The aim is to set up a world-class, state-of-the-art precision machine shop in India to thread premium connections for oil country tubular goods (OCTG), including accessories for markets across the globe, Jindal SAW had earlier said while announcing the JV plans with Hunting.
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