Jindal Saw Limited signed a memorandum of understanding (MOU) today with the Government of Maharashtra to expand its Seamless tube manufacturing facilities at its integrated plant at Malegaon MIDC, in Tal.Sinnar, Dist. Nashik, Maharashtra. The Maharashtra government, which is keen to attract more investment in the state and strengthen its economy, has agreed to provide the necessary support for the project.

Highlights

* Major expansion in Seamless tube manufacturing facilities from 75000 tonnes to 220000 tonnes per annum
* Investment of about Rs 350.00 crore
* Expected project completion by August 2008
* Additional direct & indirect employment

Jindal’s expansion plan includes increasing its Seamless tube manufacturing facility from the present 75000 tonnes to 220000 tonnes per annum, entailing an investment of about Rs 350 crores and creating new employment opportunity directly and indirectly. The expansion will be completed by August 2008.

The main equipment PQF mill (Precision Quality Finishing mill) with the state of the art technology is being imported from SMS Germany and other supporting equipments are being procured from USA, China, South Korea and Austria. The products basically cater to Oil & Gas Sector, Automobile Sector, Power Generation & varied Mechanical Components. 30 to 40% products are exported to US, Middle East, South East Asia etc.

The MoU was signed by Mr V K Jairath, Secretary, Department of Industries, Government of Maharashtra (GoM) and Mr V S Konnur, President & CEO, Seamless Business, Nashik plant, in the presence of Mr. Vilasrao Deshmukh, Hon’ble Chief Minister of Maharashtra, Mr. Ashok Chavan, Hon’ble Minister of Industries, GoM, Mr. Rana Jagjitsinh Patil, Hon’ble Minister of State for Industries, Dr. D K Sankaran, Chief Secretary, GoM, Mr. Indresh Batra, Managing Director, Jindal Saw Limited.

Jindal Saw Limited’s Managing Director Mr. Indresh Batra said, “Maharashtra Government’s efforts of providing a congenial business atmosphere are appreciated by the business community. We are grateful to the government for promising all necessary help to expedite the implementation of the expansion project. Industrial Promotion Subsidy will help the unit to be more competitive in the market.”

Speaking on the occasion, the Maharashtra Chief Minister Mr. Vilasrao Deshmukh said, “Jindal SAW has contributed immensely to the development of the state by setting up the plant in Malegaon MIDC, in Tal. Sinnar, Dist. Nashik, Maharashtra. I am happy to note that Jindal SAW has planned to bring in fresh investment in its existing plant in Nashik to increase Seamless tube manufacturing facility.”

“This will definitely add to the development of the area and increase employment opportunities. The investment plan of Jindal SAW is in tune with the Maharashtra government’s vision towards overall progress in the state, especially in the rural areas. We assure Jindal SAW of all the assistance needed to take the project forward,” the Chief Minister added.

Minister for Industries, GoM, Mr. Ashok Chavan said, “In Maharashtra, Jindal SAW is in the forefront as far as investment in Seamless tube manufacturing facility is concerned and this new project assumes significance considering the importance of infrastructure development. The investment plan also proves that Maharashtra enjoys the confidence of industrialists regarding the infrastructure and support it provides.”

Sourced From :Image Inc

Tags: calls, daytrading, free calls, intraday, tips

Similar Posts:

• Jindal Saw bags orders for approx. US$ 250mn
• M&M signs MoU with Govt of Maharashtra to invest Rs 1500cr
• Buy Jindal Saw
• Mukesh unveils 10-year plan to double enterprise value
• Buy Jindal Saw, target of Rs 476: Sharekhan