Mumbai: Maharashtra Seamless Ltd (MSL), flagship company of the Rs3,000-crore D P Jindal group, and one of the largest producers of seamless pipes in India, is buying a 2,00,000 tpa seamless plant in Romania.
The D P Jindal group is well diversified into manufacturing of seamless pipes, ERW pipes, wind power generation, offshore oil and gas drilling and project exports.
The group also has a joint venture with Tenaris, the largest manufacturer of seamless pipes in the world and a marketing collaboration with Noble Drilling of the US, the second largest drilling company of the world, for Indian operations.
Seamless pipes are part of OCTG universe and the consumption of OCTG is driven by the oil & gas exploration and drilling activities both in India and globally. The activities are expected to surge in view of increasing demand for energy requirements.
The acquisition would enable the group to capture the maximum demand potential going forward and would lead to substantial growth in the businesses of MSL, the company said in a filing with the Bombay Stock exchange (BSE).
Maharashtra Seamless, however, did not disclose the name of the firm owning the plant and value of the acquisition.