New Delhi: Man Industries (India) Ltd on Thursday announced the completion of the acquisition of 100 per cent stake in Saudi Arabia-based National Pipe Company Ltd (NPC) for USD 102 million (around Rs 981 crore).
The acquisition, through its arm Man International Steel Industries Company (MISIC), aligns with the company's international expansion strategy and is likely to strengthen its global presence in the pipe manufacturing industry, according to an exchange filing.
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It is also likely to provide access to infrastructure, energy, desalination and industrial opportunities in Saudi Arabia and strengthen the company's Middle East and international operations.
NPC has an installed manufacturing capacity of approximately 430,000 MT per annum.
"The board of directors of the company at their meeting held today...inter alia, considered and took note of the completion of the transaction in relation to acquisition of 100% equity stake in National Pipe Company Limited (NPC), Kingdom of Saudi Arabia, at a total cost of approx USD 102 million, by Man International Steel Industries Company (MISIC), a wholly ownedsubsidiary of the Company incorporated in the Kingdom of Saudi Arabia," Man Industries (India) Ltd said in the filing.
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Going forward, the facility will also have coating mill with external and internal coating plant to serve Saudi Arabia's growing demand for coated pipeline solutions. NPC caters to oil & gas pipelines, water transmission, infrastructure and industrial projects and serves reputed customers including Saudi Aramco, Saudi Water Authority, Saudi Water Partnership Company, Water Transmission & Technologies Co, KOC (Kuwait), Qatar Petroleum and leading global EPC contractors including McDermott, L&T, SAIPEM and others.
