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EIL to form venture with Italian firm

NEW DELHI: Engineers India Ltd (EIL) is all set to form a joint venture company with Italian major Tecnimont SPA to undertake engineering, procurement and construction projects in India and United Arab Emirates (UAE).

Union Petroleum and Natural Gas Ministry sources said that the joint venture between EIL and Italian company would be for a period of ten years with a mid-term evaluation after five years of the formation. Tecnimont will have 70 per cent stake in the joint venture, while EIL is expected to have the remaining equity. As part of its business strategy, Tecnimont will have the option of offloading up to 10 per cent stake in favour of the local partner.

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