Welspun calls off Russian JV in absence of mutual terms

New Delhi, Feb 27 (UNI) Welspun-Gujarat Stahl Rohren Ltd, part of the Rs 2,000 crore Welspun Group, today said it has decided to call off its proposed joint venture with Russia's TMK Group as the two parties could not reach a mutual agreement.

''As the parties could not reach mutually agreeable terms and conditions, the proposed joint venture has been called off,'' a Welspun statement said.

Welspun and TMK in October last announced a 40:60 JV.

The new venture was to invest 140 million dollars to set up additional capacities at the foreign firm's pipe plant in Russia.

However, the company said it has not made any investments in Russia up till now and will therefore not carry any liabilities on the venture.

UNI