MIDHANI partners with Spain-based Tubacex

State-owned Mishra Dhatu Nigam Limited (MIDHANI) has signed a MoU with Tubacex to collaborate in the areas of power generation and oil and gas applications.

The company informed the exchange that it has partnered with Tubacex, a multinational group which is headquartered in Alava, Spain. The two companies signed a Memorandum of
Understanding (MoU) to jointly develop advanced materials targeting the energy sector. The companies will benefit from the technology exchange and take advantage of local manufacturing capacities. Mishra Dhatu and Tubacex will analyse potential business developments opportunities in India and other regions through their complementary manufacturing capacities for power generation and oil and gas sector.

Tubacex is a global leader in the manufacture of stainless steel and high-alloyed tubular products. The company has a presence in over 14 countries and caters to more than 300 customers in over 100 countries. It is the world's leading supplier of Stainless Steel Seamless Pipes (SSSP).

Meanwhile, at 14:45 hours, the stock of Mishra Dhatu was quoting Rs. 130.45 per share, up by 0.19 per cent on Thursday. While the benchmark BSE Sensex was at 36,395.38, up by 74.09 points or 0.20 per cent.