JINDAL SAW Ltd. held a press conference detailing the formation of a new Joint Venture with Hunting Energy Services to set up India’s first ‘State-Of-the-Art’ Premium OCTG Threading Plant in Nashik. The initial investment in this JV will be around USD 20-25M and the potential annual market size for Premium OCTG in India is close to USD 200M.
In this JV, Jindal SAW Ltd will bring its location-specific capabilities and leverage its expertise in mobilizing the workforce for the project. In addition, Hunting will provide its patented premium connection technology to thread premium connection on a full range of seamless tubing and casing used mainly in deep drilling activities in the oil and gas sector. As a result, this JV will become the first in line to have a state-of-the-art premium connection threading facility offering the widest range of capabilities in OCTG solutions in India.
Under the terms of the joint venture agreement, Hunting and Jindal will build a dedicated premium connection threading facility in Nashik province near Jindal’s existing steel mill operations, with a proposed 130,000 sq. ft. manufacturing footprint.
The facility is targeted to be operational by the end of 2022.