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Indian, Saudi firms sign deals for business, investments

Posted on Feb 27 2014 | IANS

New Delhi, Feb 27 : Indian and Saudi companies signed four agreements Thursday to jointly promote and facilitate investments and trade.

The representatives of Indian and Saudi companies signed the memorandums of understanding at India-Saudi Arabia Business Forum meeting here organised jointly by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Council of Saudi Chambers.

Chairmen of Saudi Arabia's Al-Qahtani Group Sheikh Abdul Aziz Al-Qahtani and Indian firm SledgeHammer Oil Tools Pradeep Mohanty signed a joint venture agreement for setting up a plant for oil drilling products in Saudi Arabia.

Ali Abdulla Kanoo, regional director of Saudi Arabia's Yusuf Bin Ahmed Kanoo Company and Vaishnav Puri, managing director, Seaworld Shiping and Logistics Private Limited signed a joint venture agreement to establish a Joint Logistic and Shipping Network.

KRBL Limited signed an agreement with Omar Ali Balsharaf Est to supply 165,000 tonnes of Basmati rice to the Gulf kingdom, while Al Rabiah and Partners and India's Novatech have singed deal for engineering, procurement and construction (EPC) business and supply of industrial equipments to the Saudi Arabian firm.

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