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Indian, Saudi companies sign six MoUs

Companies from both sides signed six MoUs for cooperation in energy, financial services and healthcare sectors.

india Updated: Jan 25, 2006 15:06 IST

Business ties between India and Saudi Arabia on Wednesday received a boost with public and private companies from the two sides signing six MoUs for cooperation in energy, financial services and healthcare sectors.

The MoUs were signed at a meeting of India-Saudi Arabia Joint Business Council, organised by industry body FICCI.

State-run Engineers India Ltd signed MoU with Manar Energy Co for consultancy services in oil and gas sector while Gujarat State Petroleum Corp tied up with FAS Saudi Holding Co to set up a joint venture for exploration of the same in the kingdom.

FAS Saudi Holding Co also signed an MoU with Apollo Healthcare to set up a joint venture in Saudi Arabia for building hospitals and polyclinics.

Jeddah-based The Batterjee Group of Industries signed an MoU with Bangalore-based biotech firm Avesthagen and another with FICCI-Medical Tourism Council, Maharashtra for exploring opportunities in development of bio-pharmaceuticals and promoting medical tourism respectively.

SBI Capital Markets joined hands with Manar Financial Investment Co for establishing a joint venture in Saudi Arabia to set up investment banks.

Speaking at the Joint Business Council meeting, Commerce Secretary SN Menon invited Saudi businessman to set up joint ventures here and enhance economic cooperation.

"India is poised to emerge as one of the largest consumer markets in the world. We invite Saudi businessmen to form joint ventures here," he said adding the Bilateral Investment Protection Aggreement and Double Taxation Avoidance Agreement would further boost two-way trade and investments.

First Published: Jan 25, 2006 15:06 IST