Ratnamani Metals enters joint venture with Saudi Electric

Ratnamani Metals & Tubes (BSE: 520111) announced today that it has entered into a Joint Venture cum Shareholders Agreement with Saudi Electric Supply Company Limited (SESCO) of Saudi Arabia. The agreement, finalized on April 10, 2025, will establish a new company ("JV Company") located in Dammam or elsewhere in Saudi Arabia. Ratnamani will hold a 75% equity stake in the JV Company, while SESCO will hold the remaining 25%. The purpose of the JV Company is to supply tubing solutions to consumers in Saudi Arabia and other Gulf Cooperation Council (GCC) countries, and manufacture seamless products locally. According to the announcement, SESCO will provide support from its Tamimi Group for project implementation, market assessment, and legal compliance. The JV company shall commerce its business operations post incorporation. The transaction is not considered a related party transaction. The company confirmed that further announcements would be made as the JV company progresses towards incorporation.