The Hindu : Saudi JV for fibreglass pipes in Goa

Online edition of India's National Newspaper
Sunday, Mar 21, 2004

Business

Business

Saudi JV for fibreglass pipes in Goa

By Anil Sastry

PANAJI, MARCH 20. Amiantit Fiberglass Industries India Pvt. Ltd., said to be the first joint venture of a Saudi Arabian company in India, which produces pipes and tanks using fibreglass, will formally be inaugurated at Navelim near here on Sunday by the Chief Minister, Manohar Parrikar.

Amiantit India is a JV between Amiantit Pipe Systems, Saudi Arabia, and Shivanand Salgaocar of the V. M. Salgaocar group, Goa. Mr. Salgaocar told reporters here on Friday that the JV was set up with contributions from the promoters and term loans from Corporation Bank in equal proportion. While Fareed Y. Al-Khalwai is the Chairman of the company, Mr. Salgaocar is the Vice Chairman. Wehbe Rafihi, one of the directors and the company secretary of Amiantit Pipes, noted that the venture in Goa was the first of its kind in India. The JV could produce pipes from 300 mm dia up to 3,000 mm dia.

Mr. Salgaocar said major raw materials would be procured from within the country.

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