Mumbai, June 10 -- As part of this plan, the board has approved the incorporation of a step-down subsidiary in the United Arab Emirates. The new entity will establish a seamless pipe manufacturing facility in Abu Dhabi with an annual capacity of 300,000 tonnes. Designed to serve the oil and gas sector across the MENA region, this project involves an estimated investment of up to $105 million and is expected to be completed over the next three years. The new facility will be wholly owned by Jindal Saw through its subsidiary.

Additionally, the board approved two joint ventures in the Kingdom of Saudi Arabia. The first JV will be formed between Jindal Saw Holdings FZE, a subsidiary of the company, and Buhur for Investment Company LLC. This ...