India’s carbon, alloy, stainless steel pipe and tube manufacturer Jindal SAW Limited has entered into an agreement with US-based Hunting Energy Services to set up a joint venture in India for a precision machine shop, a regulatory filing of the company said on Wednesday, December 29.
Jindal SAW will hold 51 percent of the equity in the joint venture and Hunting Energy 49 percent to set up the precision machine shop, the filing said.
The goal of the venture will be to set up a high-technology machine shop to thread premium connections for steel oil country tubular goods (OCTG), widely used by the oil and gas industry, and export them to overseas markets.
“The partner Hunting will provide its patented premium connection technologies which will be used to thread premium connections on seamless steel casing and tubing used mainly in deep drilling activities in the oil and gas sector, and become the first to have such a manufacturing facility in India,” the filing said.