Jindal Saw closes club facility of AED 465 million (app. Rs 775 crores) for UAE operations
Dubai, 19th November, 2014
Commercial Bank of Dubai PSC, Commercial Bank International PSC, Emirates NBD PJSC and Mashreqbank PSC acted as Mandated Lead Arrangers and Book runners
Jindal SAW Middle East FZC (JSME), a subsidiary of Jindal SAW Limited, India, one of the largest producers as well as market leader of SAW pipes, Seamless tubes and DI pipes globally has closed a club facility of AED 465 million (app Rs 775 crores) for its long-term and growth capital requirements. JSME has set up the largest facility in Abu Dhabi, UAE to produce Ductile Iron (‘DI’) Pipes of various sizes and focuses on providing high quality techno-economic products and solutions for water transportation and sewage systems in the wider MENA region. JSME is already approved by various MENA region countries for supply of its DI pipes.
Commercial Bank of Dubai PSC, Commercial Bank International PSC, Emirates NBD PJSC and Mashreqbank PSC acted as Mandated Lead Arrangers and Book runners. They were involved in structuring, organizing and executing this transaction, while Alpen Capital (ME) Limited was the Financial Advisor to the transaction. A signing ceremony was held recently in Dubai (UAE) and was well attended by the management team of Jindal SAW, Alpen Capital along with the banks involved in the deal.
"Jindal SAW is committed to developing long term business relations in MENA region and to take care of the expanding business needs we have raised this club facility which is largely a substitution of the existing facilities with the new facilities which is not only patient in tenor but also sufficient to take care of near to medium term funding requirements of the business in a more efficient and cost effective manner. We will be working closely with local and regional banks for execution of regional strategy and are extremely thankful to them for their support," says Neeraj Kumar, Group CEO & Whole time Director, Jindal SAW Limited.
"We are proud to be associated with Jindal Saw and are happy to support them in their growth endeavours in the region. Over the last ten years, Alpen Capital has successfully executed transactions working with some of the largest business conglomerates in GCC and India and we hope that our expertise of the region has benefited the transaction," says Sanjay Vig, Managing Director, Alpen Capital.