News & Analysis » India
Bhuwalka Steel Receives Board Nod For MoU With Lootah Group
(RTTNews) - Bhuwalka Steel Industries on Monday informed that it has received board approval to sign a pact with Lootah Group of Companies, Dubai, to meet capex and working capital requirements of its wholly-owned subsidiary Bhuwalka Steel Industries (U.A.E,) FZE.
Prospective investor could invest up to around 10 million AED (UAE Dirhams) and the investment would be done in such a way to make a 50:50 joint-venture partnership, the company said.
As per the memorandum of understanding, Lootah Group of Companies will provide all support for early completion of the project and working capital, while Bhuwalka Steel Industries (U.A.E.) would ensure technology, commissioning and running the plant in an acceptable standard and also quality of the product as per market requirement.
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