Joint Venture26 Aug 2025, 05:45 pm
Ratnamani Metals & Tubes Ltd. Incorporates Subsidiary in Saudi Arabia
AI Summary
Ratnamani Metals & Tubes Ltd. has incorporated a subsidiary company, 'Ratnamani Middle East Company, LLC', in Dammam, Saudi Arabia. The subsidiary, formed as a joint venture with Saudi Electrical Materials Company Limited, aims to provide critical tubing solutions to consumers in the Kingdom of Saudi Arabia and Gulf Co-operation Council countries. The joint venture also plans to manufacture seamless products locally, which are currently being imported by consumers in these regions. The subsidiary has an authorized share capital of Saudi Riyal 20,00,000.00 and a paid-up share capital of Saudi Riyal 20,00,000.00. Ratnamani Metals & Tubes Ltd. will hold 75% of the total share capital of the subsidiary.
Key Highlights
- Incorporation of 'Ratnamani Middle East Company, LLC' in Saudi Arabia as a subsidiary.
- Joint venture with Saudi Electrical Materials Company Limited.
- Aim to provide critical tubing solutions to consumers in KSA and GCC countries.
- Plan to manufacture seamless products locally in KSA.
- Ratnamani Metals & Tubes Ltd. to hold 75% of the subsidiary's share capital.