Nashik, 18 Sep : Jindal Hunting Energy Services Limited, a joint venture between Jindal SAW Ltd and Hunting Energy Services, on Monday announced the grand opening of their facility collocated at the tube facility of Jindal SAW Ltd in Nashik. The newly-launched facility stands as the inaugural and presently the sole facility capable of producing and supplying pipes, tubes, and premium connections to the OCTG market. Thus far, all these products had to be imported from other countries, putting a strain on the foreign exchange situation in India. This facility not only supports the Indian oil & gas industry, but will also have huge export potential, thereby earning valuable foreign exchange for the country, P.R. Jindal, the Chairman of Jindal SAW, said. Jindal said the facility is envisioned as a 'Centre of Excellence', a unique establishment in this region, offering a comprehensive array of products and services within the OCTG (Oil Country Tubular Goods) sector of the oil & gas industry. Jim Johnson, CEO, Hunting PLC, said, 'This is a fantastic milestone. From our strategic partnership with Jindal SAW Ltd back in August 2019 to the realisation of the vision developed over the past four years, great progress has been made. "Today, both Jindal SAW and Hunting have made history with the opening of the JV's full-fledged premium OCTG, accessories and manufacturing operations, in support of the government's 'Make in India' initiative. Hunting will work alongside Jindal SAW to provide the highest standards in quality and services in delivering the best premium OCTG and accessories to our valued customers in India and also abroad. We look forward to introducing more advanced connection technology as we progress." The facility is set to achieve an annual threading capacity of 70,000 metric tons of OCTG. It will be fully supported by a seamless supply chain, drawing raw materials and inputs from the Jindal SAW facility in Nashik and other locations across the country, Jindal added. Daniel Tan, MD, Hunting Asia Pacific Segment, added, 'Both JSAW and Hunting have come a long way, starting from sharing an idea in forging a strategic alliance and finally to a fully-fledged JV manufacturing hub for premium OCTG and accessories, built from greenfield. "With a fully-integrated supply chain, the JV manufacturing hub will provide world-class premium OCTG, not only to the rapidly growing domestic market in India, but also serve as an important gateway to the Middle East and African markets." /IANS