Jindal Saw's stock price jumped 10% on Tuesday following the board's approval of three major international investments worth US$118 million, designed to expand the company's footprint in the Middle East's iron and steel markets.

On Monday, the company revealed its decision to establish a subsidiary in the UAE while forming joint ventures to launch two additional companies in Saudi Arabia.

The UAE subsidiary will focus on developing a pipe manufacturing facility in Abu Dhabi with a production capacity of 300,000 tons annually, targeting the oil and gas sector across the Middle East and North Africa region.

Besides, Jindal Saw is expanding in Saudi Arabia's iron and steel sector. Its branch, Jindal Saw Holdings FZE, is partnering with Buhur for Investment Company LLC on a helically spiral welded (HSAW) pipe project and with RAX United Industrial Company for a ductile iron pipe manufacturing facility. All necessary government approvals will be secured.