New Delhi, Feb 5 (UNI) State-run Engineers India Ltd (EIL) today said it has received the government's approval to form a 50:50 joint venture with Tata Projects Ltd.
''The joint venture will undertake EPC projects in oil and gas, fertiliser, power and infrastructure sectors in the country and abroad,'' the company said in a statement.
The Tata Group and (EIL) had earlier signed a memorandum of understanding (MoU) for floating a 50:50 joint venture company for undertaking engineering, procurement and construction (EPC) contracts, which has now received the approval of the Petroleum Ministry.
The JV will start with an authorized capital of Rs 15 crore, of which Rs 10 crore will be paid up.
The EIL chairman will head the joint venture as non-executive chief, while Tata Projects will nominate the managing director.
EIL has nearly 14 strategic alliances with equipment and materials manufacturers besides technology developers. It also has two wholly-owned subsidiaries - EIL Asia Pacific in Malaysia and Certification Engineers International for undertaking independent and third-party inspection assignments.
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