Business Daily from THE HINDU group of publications
Sunday, Jul 02, 2006
Business Daily from THE HINDU group of publications Sunday, Jul 02, 2006 |
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Corporate
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Outlook SAAG RR foray into work-over rig services biz Our Bureau
Ahmedabad , July 1 SAAG RR Infra Ltd is holding talks with Oil and Natural Gas Corporation and others to launch itself in the oil and gas industry. A subsidiary of SAAG Consolidated, listed on the Malaysian Stock Exchange, SAAG RR has announced its foray into the business of providing work-over rig services on offshore platforms, which is a niche segment with ample opportunity and minimal competition, the company's Managing Director, Mr R. Sriram, told a news conference here. He said the company currently had orders worth Rs 45 crore and already built projects worth Rs 36 crore.
In-house expertise
The Chennai-based company, whose annual turnover in 2005-06 was Rs 32 crore, is expected to touch the Rs 100-crore mark in two years, he said. SAAG RR, having restructured and consolidated its core business, would derive the benefit of the parent company's database of 5,000 engineers to diversify into oil and gas sector. The domain knowledge in work-over rig services segment of the industry is available in-house with the Malaysian company's another subsidiary, SAAG Drilling and Well Services, in Malaysia. With this in-house expertise available, SAAG RR aimed to capitalise on the business opportunities in India and West Asia, he added.
More Stories on : Outlook | Petroleum
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