Maharashtra Seamless completes acquisition of Romanian seamless plant
05 Jan 2008
Seamless pipes maker DP Jindal group has announced the completion of the acquisition of a 200,000-TPA capacity seamless plant manufacturing capacity in Romania through its flagship Maharashtra Seamless Ltd (MSL).
The company plans to dismantle the plant and ship it to India and will modernise and take it operational in next two years, which it estimates to cost Rs300 crore, to be funded out of internal accruals only. The company says it has acquired the Romanian facility on an assets-sale basis without any liabilities.
The Romanian plant has the capacity to manufacture seamless pipes and drill pipes of up to 7" OD. The reinstalled plant would also include the drill pipe manufacturing.
The acquisition will strengthen Maharashtra Seamless product base in the coming time.
The diversified DP Jindal group is a leader in pipe manufacturing with a turnover of Rs3,000 crore through its manufacturing of seamless pipes, ERW pipes, wind power generation, offshore oil and gas drilling and projects exports. IT has joint ventures with Tenaris, the world's largest manufacturer of seamless pipes and a marketing collaboration with the US-based Noble Drilling, the second largest drilling company of the world, for its Indian operations.