PSL UAE facility to go on stream

Mumbai, Sep 5 (UNI) PSL Limited, a global leader in manufacturing and coating of pipes today said its facility at the Hamriyah Free Trade Zone in United Arab Emirates would become operational soon.

Addressing the Company's annual general meeting in Daman today, Company Managing Director Ashok Punj said the supply of coated structural piling pipes for Al Nakheel's Palm Jebel-Ali Project would commence soon. The order from M/s Hanwa Corporation was for approximately 60 km of pipes valued at USD 45 million, he said.

Mr Punj also announced that various units of the Company were under evaluation for a possible capacity expansion, including its pipe-manufacturing complexes in Kandla and Vizakhapatnam. Mr Punj added that the Sharjah-based facility is amongst the various locations under consideration for future capacity expansion.

The AGM approved a total dividend of 50 per cent for the financial year 2007-08, consisting of Rs 2.50 interim dividend during the period, and the remaining Rs 2.50 final dividend for the year.

Mr Punj said, ''With a consolidated order book of around Rs 6,000 crore, and several more projects in various stages of tendering, the outlook for the current financial year remains attractive.'' UNI VK RN SKB1533