INDIA BUSINESS WORLD - DECEMBER 1^st - DECEMBER 15^th - 2007

ENGINEERS INDIA (EIL), TATAS TO FORM 50:50 JOINT VENTURE

Tata Group and state-run Engineers India (EIL) will form a joint venture for doing engineering consultancy and construction projects in India and abroad. "We have signed a memorandum of understanding (MoU) with Tata Projects Ltd for floating a 50:50 joint venture company for undertaking engineering, procurement and construction (EPC) contracts," EIL chairman and managing director Mukesh Rohatgi told reporters here. The MoU is pending with the petroleum ministry for approval, he said. The JV will start with an authorised capital of Rs 15 crore, Rs 10 crore of which will be paid up. Engineers India chairman will head the joint venture as non- executive chief, while Tata Projects will nominate the MD.