The purpose of the proposed JV is to provide critical tubing solutions to consumers in the Kingdom of Saudi Arabia (KSA) and GCC countries.
Apr 10, 2025
Ratnamani Metals & Tubes Limited (RMTL) has entered into a Joint Venture and Shareholders Agreement with Saudi Electric Supply Company Limited (SESCO).
The primary objective of the joint venture is to deliver critical tubing solutions to customers across the Kingdom of Saudi Arabia (KSA), the Gulf Cooperation Council (GCC) countries, and potentially global markets, based on emerging opportunities.
Additionally, the joint venture aims to support local manufacturing of seamless products, which are currently being imported by end-users in KSA and the GCC region, thereby contributing to regional self-sufficiency.
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At its meeting, the Board of Directors authorized the company’s executives to finalize the terms and execute the agreement. It is agreed that the shareholdings of the proposed JV Company upon incorporation shall be as per the ratio i.e., 75% of the equity shareholding in the JV Company shall be with Ratnamani Metals & Tubes Limited and 25% of the equity shareholding shall be with SESCO.
