JINDAL SAW Ltd. announced a new Joint Venture with Hunting Energy Services to set up India's first 'State-Of-the-Art' Premium OCTG Threading Plant in Nashik in a 51%:49% partnership with Jindal SAW Ltd. as a majority shareholder. This JV, aligned with Hon'ble Prime Minister's vision of 'Aatmanirbhar Bharat', would open the doors of premium connection for OCTG from India to various parts of the world and act as import substitution for players in Oil and Gas drilling activities, thereby making India self-reliant in this segment. The agreement formalises a closer working partnership between the two businesses, following a strategic alliance in 2019 when Jindal SAW Ltd. and Hunting Energy Services started to develop their presence in the rapidly growing Oil Country Tubular Goods ("OCTG") market in India.

In this JV, Jindal SAW Ltd. will bring its location-specific capabilities and leverage its expertise in mobilizing the workforce for the project. In addition, Hunting will provide its patented premium connection technology to thread premium connection on full range of seamless tubing and casing used mainly in deep drilling activities in the oil and gas sector. As a result, this JV will become the first in line to have a premium connection threading facility offering the widest range capabilities in OCTG solutions in India.

Under the terms of the joint venture agreement, Hunting and Jindal will build a dedicated premium connection threading facility in Nashik province near Jindal's existing steel mill operations, with a proposed 130,000 sq. ft. manufacturing footprint.