MUMBAI (Thomson Financial) - Indian construction company Maytas Infra Ltd
said it along with Nagarjuna Construction Company Ltd entered into partnership
with German formwork company Paschal-Werk G Maier GmbH and that the joint
venture will set up a facility in India.
Maytas Infra said the new company, in which an initial 1 bln rupees will be
invested, is expected to begin production by the end 2008. It will also set up a
manufacturing facility near the Southern Indian port city of Visakhapatnam.
Paschal-Werk will hold 70 pct stake in the venture, Paschal Form Work India
Pvt. Ltd, while Maytas Infra and Nagarjuna Construction will retain 15 pct stake
each.
At 0105 pm local time, local time, Matas Infra was trading 6.01 pct down at
545.00 rupees and Nagarjuna Construction fell 11.15 pct to 196.00 rupees, while
the benchmark Sensex was up 0.65 pct at 15,092.12.
TFN.newsdesk@thomson.com
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