Ratnamani Finow Spooling Solutions Private Limited, a subsidiary company was incorporated by a joint venture agreement between Ratnamani Metals and Tubes Limited and Technoenergy AG, Switzerland.

Sep 22, 2023

Ratnamani Metals and Tubes Limited recently entered into an agreement with Technoenergy AG, Switzerland to form a joint venture company namely Ratnamani Finow Spooling Solutions Private Limited in India, which shall be a subsidiary company (‘JV Company’). Upon incorporation of the JV company with INR 270 Lacs as initial paid-up capital, the shareholding shall be in the ratio of 51 percent to be held by RMTL and 49 percent to be held by TEAG. As per the agreement, RMTL shall assist the JV by providing necessary support for setting up the manufacturing facility in Gujarat along with general management and administration of the JV company. 

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The purpose of the JV company is to provide pipe spooling solutions, fittings, and auxiliary support systems for piping and tubing applications. Through this JV, RMTL proposes to widen its product basket by providing comprehensive piping and spooling solutions in India and across the globe to the end consumers. RMTL possesses the necessary infrastructure and a strong reputation in the market to complement and supplement TEAG (and its group companies) for providing spooling solutions considering the focus for localization in various critical sectors like nuclear power, oil and gas, thermal power, water and sewage treatment, and other applications.