US Shaw takes full ownership of India chem engineering joint venture

19 January 2011 17:04  [Source: ICIS news]

TORONTO (ICIS)--Shaw Group has agreed to a $23m (€17m) deal to acquire full ownership of Shaw Rolta, its chemical and process engineering joint venture in India, the US-based petrochemicals and energy engineering firm said on Wednesday.

Mumbai-based Shaw Rolta, which was formed in 2004 as an equal joint venture between Shaw and Rolta India, provides engineering services for petrochemicals and other projects in Asia and the Middle East.

Shaw CEO Jim Bernhard said Shaw Rolta was a key element in his company's strategic growth plan as a competitive international engineering, procurement and construction contractor.

“Full ownership of this office will allow us to operate more effectively as we pursue significant industry opportunities in India and around the world,” he said.

($1 = €0.75)

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By: Stefan Baumgarten
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