Jindal Saw’s UAE arm raises Rs 775 crore: Report

Jindal Saw’s subsidiary, Jindal Saw Middle East FZC (JSME) has reportedly raised Rs 775 crore for its long term requirements by selling a club facility. JSME has a large facility in Abu Dhabi (UAE) to produce ductile iron (DI) pipes. It also provides techno-economic products and solutions for water transportation and sewage systems in the wider MENA region. JSME has the approval for supply of its DI pipes from many Middle East and North Africa countries. The Commercial Bank of Dubai PSC, Commercial Bank International PSC, Emirates NBD PJSC and Mashreqbank PSC acted as mandated lead arrangers and book runners. Alpen Capital (ME) was the financial advisor to the transaction. Jindal Saw is in a commanding position in India's tubular market, being the undisputed leader with a turnover in excess of Rs 7,000 crore. The business operations are highly structured with three strategic business units: large diameter pipes, seamless tubes, and DI (ductile iron) pipes. Every SBU has its own dedicated sales and marketing targets and operations.