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Saraswati Industrial Syndicate signs JV agreement with Hitachi Zosen

29 Feb 2012 Evaluate

Saraswati Industrial Syndicate has formed a joint venture with Hitachi Zosen Corporation for which the agreement was signed on February 13, 2012. The joint venture company will be incorporated in the name of ISGEC Hitachi Zosen or any other name approved by the Registrar of Companies.

Saraswati Industrial Syndicate and Hitachi Zosen Corporation will contribute share capital in the ratio of 51:49 respectively and the same is placed at Rs 75 crore. Saraswati Industrial Syndicate will lease out its manufacturing facilities at Dahej to the joint venture company for a period of 10 years at a fixed rent.

The joint venture company will manufacture various Pressure Vessels, Heat Exchangers and other similar equipments for the use of Process Industry.

Saraswati Industrial Syndicate manufactures bars and rods, metal, machine tool parts and accessories, steel and sugar products. The company's principal activity is to manufacture engineering equipments. It operates in two segments: Engineering and Sugar.

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