Jindal Saw (NSE:JINDALSAW, BOM:500378) said its board has approved investment proposals to set up a new step-down subsidiary in the UAE and two joint ventures in Saudi Arabia, according to a filing with Indian stock exchanges on Monday.

The company will invest up to $105 million to establish a 300,000-ton-per-annum seamless pipe manufacturing unit in Abu Dhabi, targeting the oil and gas sector in the Middle East and North Africa region, the filing said.

Jindal Saw, through its subsidiary Jindal Saw Holdings FZE, will also form a joint venture with Buhur for Investment Company for a helically spiral welded (HSAW) pipe project in Saudi Arabia, and another joint venture with RAX United Industrial Company for a ductile iron pipe unit in the country.

The HSAW pipe project will involve an investment of up to $10 million, while the ductile iron pipe unit will require $3 million, the filing said.

All three ventures are subject to local regulatory approvals and are expected to be completed over a period of 12 months to three years.