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Corrtech Int'l enters into JV with Saudi firm
JEDDAH - Corrtech International, which is based in Ahmedabad, Gujarat State of India, has entered into a joint venture with Arabian Port Company of Saudi Arabia for pipeline projects that will garner business of about Indian rupees 4,000 crores (one crore equals 10 million) over a period of five years.
“The agreement was signed in June this year and it will be a 50:50 JV. The investment and other financial details are still being worked out,” Amit Mittal, managing director of Corrtech International, said in information made available to Khaleej Times here on Friday.,
The project includes laying of pipelines, station piping work, cathodic protection work and metering skids.
Corrtech is a RS150-crore company engaged in laying oil and gas pipelines, providing specialist corrosion protection solution, maintenance of heavy duty industrial gas turbines and building city gas distribution networks. Recently, Axis Private Equity, an arm of Axis Bank, has picked up 26 percent stake in the company for an investment of RS67 crores.
The company recently inaugurated a gas turbine compressor blades manufacturing unit in Changodar with a capacity to manufacture 30,000 blades a year. “We aim to enhance the production capacity to 200,000 blades and for this we aim to pump in RS40 crores in the next one year,” said Sandeep Mittal, joint MD of Corrtech.
The company produces gas turbine blades based on GE design that are used to generate 20-100 MW of power.
The Indian market for gas turbine blades and related components is about $150 million whereas the global size is pegged at $ 3-5 billion.
Corrtech is also aiming to diversify into electric cables and is setting up a RS7-8 crores facility in Changodar that can generate up to 11 KV.
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