PSL to put Rs 70 cr in Sharjah plant

"We have signed a land lease pact with the local government. Operations will be under PSL FZE, a fully-owned subsidiary of the parent group," said Ashok Punj, PSL's managing director.

PSL manufactures and supplies spiral weld pipes for oil, gas and water transmission for onshore and offshore sectors.

The first phase of the project will be over by April 2007, after which the company will decide on the second phase, as and when the need arises.