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The BSE-listed company will invest $72mln in the Dammam facility MAN Industries (India) Limited, a steel pipe manufacturer, will build a new plant in Dammam, Saudi Arabia, at a cost of Rs6 billion ($71.5 million). The new plant will include line pipe manufacturing and a coating facility to cater to Saudi Arabia’s growing demand, the company said in a statement to the Bombay Stock Exchange on Tuesday. The company’s existing capacity is 1.1 million tonnes, with the new facility adding 0.4 to 0.5 million tonnes overseas. The facility will be funded through debts and internal accruals, the statement said. |
