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Saudi Arabia's Gas Arabian Services Co. (GAS) has signed a joint venture (JV) agreement Tubefit Engineers, India, to set up a company in the kingdom with a total capital of 5 million riyals ($1.3 million).
Tubefit Arabia Factory LLC, in which GAS will have 47% ownership and Tubefit Engineers, India will have 53% ownership, will manufacture instrumentation fittings and valves, the company said in a statement on Riyadh's Tadawul bourse on Wednesday.
GAS will finance its share of the investment, totaling SAR 2.35 million, from its own resources.
(Writing by Brinda Darasha; editing by Seban Scaria)
