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Amreli Steels shelves plan for electrical transmission JV with Chinese firm- The 19th China（Guangzhou）Int’l Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
4/12/2018 钣金展-Sheetmetal machinery, Forging, Stamping expo |
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The News reported that Amreli Steels in a bourse filing on Monday said it has shelved plans for a partnership with a Chinese firm in an electrical transmission equipment project. It said “The company deliberated and pursued the proposal with Qingdao Huijintong Power Equipment Company Limited (HJT), which subsequently came across certain obstructions resulting in the cessation of the said venture. Therefore, the company and HJT have now mutually agreed that they will not continue with the proposed joint venture agreement.”
Amreli announced the planned venture in November last year to produce and sell electrical transmission equipment in the country to meet the growing demands of the energy sector. Analysts had then estimated the total value of the now shelved joint venture at PKR 1.6 billion. The company was expected to setup a higher capacity plant of 100,000 tonnes however, the management was confident to manage with 30,000 tons.
The Chinese company is listed at the Shanghai Stock Exchange and principally engaged in the research, design, manufacture and distribution of transmission line towers within and outside China.
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