New Delhi, Oct 29 (PTI) Steel pipe maker Jindal SAW on Friday said it planning to set up a precision machine shop in joint venture (JV) with US-based Hunter Energy Services.

In a regulatory filing, Jindal SAW said it would hold a 51 per cent stake in the proposed JV, while Hunter Energy Services Pte Ltd shall be the owner of a 49 per cent stake.

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In this regard, a proposal has been approved by the company's board, it said.

"The company is proposing to enter into a JV agreement with Hunter Energy Services Pte Ltd (Hunting) to incorporate a JV company to set up a world-class state-of-the-art precision machine shop to thread premium connections in India for products i.e; oil country tubular goods and accessories for markets across globe," the filing said.

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However, the company did not disclose the initial investment cost that would be utilised to set up the unit after the formation of the JV.

Jindal SAW is a manufacturer and supplier of steel pipe products, fittings and accessories with manufacturing facilities in India, the US, Europe and the UAE. HRS hrs

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