BATON ROUGE, La.--The Shaw Group Inc. (NYSE: SHAW) today announced it has reached an agreement to buy out Rolta India Limiteds 50 percent ownership in Shaw Rolta Limited for a net price of $23 million. The two companies formed the joint venture in 2004.
Full ownership of this office will allow us to operate more effectively as we pursue significant industry opportunities in India and around the world.
Shaw will assume full ownership and control of the Mumbai, India, operations, which immediately will expand to provide engineering, procurement and construction management services for power, process, environmental and infrastructure projects worldwide.
The Mumbai engineering operation is a key element in Shaws strategic growth plan as a competitive international engineering, procurement and construction contractor, said J.M. Bernhard Jr., Shaws chairman, president and chief executive officer. Full ownership of this office will allow us to operate more effectively as we pursue significant industry opportunities in India and around the world.
The professional and technical staff in Mumbai operates state-of-the-art design automation software tools for process engineering calculations, process optimization, simulation, modeling and computer-aided design for projects including an olefins recovery project in Asia and an ethylene project and petrochemicals project in the Middle East.
The transaction was completed in Shaws second quarter of fiscal year 2011.
The Shaw Group Inc. (NYSE:SHAW) is a leading global provider of engineering, construction, technology, fabrication, remediation and support services for clients in the energy, chemicals, environmental, infrastructure and emergency response industries. A Fortune 500 company with fiscal year 2010 annual revenues of $7 billion, Shaw has approximately 27,000 employees around the world and is the power sector industry leader according to Engineering News-Records list of Top 500 Design Firms. For more information, please visit Shaws website at www.shawgrp.com