Ratnamani Forms JV with SESCO in Saudi Arabia
In a significant development for the Indian business community, Ratnamani Metals and Tubes (RMTL) has signed a joint venture agreement with Saudi Electric Supply Company (SESCO) to establish a local manufacturing unit in Dammam, Saudi Arabia. The joint venture, in which RMTL will hold a 75% stake, aims to provide seamless tubing solutions to the Kingdom of Saudi Arabia (KSA), the Gulf Cooperation Council (GCC), and global markets, thereby enhancing RMTL’s local presence.
As per the agreement, the joint venture will operate under the name Ratnamani SESCO JV and will be responsible for manufacturing high-quality seamless tubes for various industries such as oil and gas, petrochemical, and construction. The unit will be equipped with state-of-the-art machinery and technology to ensure that the products meet international standards.
The joint venture is a significant milestone for RMTL, which has been expanding its global footprint in recent years. With this partnership, the company will be able to tap into the growing demand for seamless tubing solutions in the KSA and GCC markets, while also leveraging SESCO’s extensive network and expertise in the region.
SESCO, a leading provider of electrical and water supply solutions in the KSA, brings a wealth of experience and knowledge to the joint venture. The company has been instrumental in providing critical infrastructure and services to various industries in the region, and its partnership with RMTL will enable the joint venture to provide high-quality products and services to customers in the KSA and beyond.
The joint venture is expected to create employment opportunities for locals in the region and will contribute to the growth of the economy. The project will also provide a platform for RMTL to showcase its expertise in manufacturing high-quality seamless tubes and to expand its global reach.
“We are thrilled to partner with SESCO to establish a local manufacturing unit in Dammam,” said a spokesperson for RMTL. “This joint venture is a testament to our commitment to expanding our global footprint and providing high-quality products and services to our customers. We believe that this partnership will enable us to tap into the growing demand for seamless tubing solutions in the KSA and GCC markets and to establish ourselves as a leading player in the region.”
The joint venture is a significant development for the Indian business community in Saudi Arabia, which has been growing rapidly in recent years. The partnership between RMTL and SESCO is a testament to the strong economic ties between India and Saudi Arabia and demonstrates the potential for Indian companies to establish themselves as leading players in the region.
In conclusion, the joint venture between Ratnamani Metals and Tubes and Saudi Electric Supply Company is a significant milestone for both companies and for the Indian business community in Saudi Arabia. The partnership will enable RMTL to expand its global footprint, tap into the growing demand for seamless tubing solutions in the KSA and GCC markets, and establish itself as a leading player in the region.
