EIL enters JV with Tecnimont

New Delhi: The Cabinet cleared the proposed joint venture between Engineers India Ltd (EIL) and Tecnimont of Italy. The new JV will undertake execution of engineering, procurement and construction jobs, mostly in the Middle East.

Tecnimont SPA, a leading international EPC contractor with a strong presence in oil and gas, petrochemical and chemical sector, will hold 70 per cent stake and EIL will hold 30 per cent, officials in the Ministry of Heavy Industries said. The joi nt venture company will be registered at Madeira in Portugal. According to the plans, EIL would employ its expertise in engineering, project management while Tecnimont would be responsible for construction, day-to-day management.