Saudi Gas Arabian Services to set up $1.3mln JV with India firm

Saudi Gas Arabian Services to set up $1.3mln JV with India firm

Saudi Arabia's Gas Arabian Services Co. (GAS) has signed a joint venture (JV) agreement Tubefit Engineers, India, to set up a company in the kingdom with a total capital of 5 million riyals ($1.3 million).

Tubefit Arabia Factory LLC, in which GAS will have 47% ownership and Tubefit Engineers, India will have 53% ownership, will manufacture instrumentation fittings and valves, the company said in a statement on Riyadh's Tadawul bourse on Wednesday.

GAS will finance its share of the investment, totaling SAR 2.35 million, from its own resources.

(Writing by Brinda Darasha; editing by Seban Scaria)

[email protected]

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2023