Mumbai-based PSL has achieved
financial closure for the development of its integrated pipe manufacturing and
coating joint venture at Bay St. Louis, Mississippi.
PSL is investing $103 million through
a joint venture company PSL North America. It has raised $78 million by issue of
a 25 year bond by the Mississippi Business Finance Corporation. The bonds that
have a tax-free $68 million tranche will provide for substantial cost benefits.
The first phase of the project entails
setting up an integrated pipe facility that will manufacture, coat and
internally-line large diameter API grade pipe in diameters ranging from 24
inches to 60 inches, with wall thickness of quarter inch to one inch and length
up to 80 ft.
Also See:
PSL plans JV for
overseas pipe mill project (04-May-07)