MSL acquires pipe plant in Romania, relocate to India

New Delhi, Jan 4 (UNI) Maharashtra Seamless Ltd (MSL), the flagship company of Rs 3,000 crore DP Jindal Group, today said it has completed the acquisition of seamless plant in Romania having an installed capacity of 2,00,000 TPA.

The plant has been acquired on assets sale basis without any liability and has the capacity to manufacture Seamless Pipes upto 7" OD including Drill Pipes, said a statement.

MSL said the plant will be dismantled and relocated to India at a strategic location and will be operational in India in next two years.

The total cost of the project including setting up of the infrastructure at a new location for the facility and complete modernisation is estimated to cost Rs 300 Crores, which will be funded out of internal accruals.

The plant facility will also include the drill pipe capability, which has a strong demand in the current OCTG segment.

''MSL was planning to have this capability from quite sometimes and it would strengthen the company's efforts to enlargen its product and customer base in the coming time. It is likely to add to the substantial growth in the businesses of the Company,'' the statement said.

DP Jindal group is one of the leading and prominent business houses in India in Pipe business having a group turnover of Rs 3,000 crores and market capitalisation of about Rs 6,000 crores.

UNI PBB AK AS1515