Likhitha Infrastructure has received approval for incorporation of a joint venture company (JV) along with Arabian HAK in Saudi Arabia. The incorporation of the joint venture will help the company to tap into business in the Middle East and other oil and gas exporting countries.
The incorporation of joint venture is subject to the approval of applicable regulatory authorities in India and the Kingdom of Saudi Arabia. The company will hold 50% stake in the JV and the company’s portion of the equity will be subscribed in cash pursuant to Overseas Direct Investment norms of RBI.
Likhitha Infrastructure is engaged in the business of laying gas supply pipe lines and irrigation canals, building bridges over the canals and related maintenance works.
