Press Releases
Tuesday
May 18, 2004
STONE & WEBSTER, INC. AND Rolta INDIA LIMITED ESTABLISH JOINT VENTURE COMPANY
Joint Venture will undertake complex projects and provide Engineering and Design Services worldwide.
Mumbai, May 18, 2004:The Shaw Group Inc. (NYSE: SGR) and Rolta India Limited (Rolta), Mumbai, India today announced that Shaw's affiliate, Stone & Webster Inc., ("Stone & Webster"), and Rolta have set up a Joint Venture Company in India - Stone & Webster Rolta Limited. Owned 50% by each partner, the joint venture company will provide high quality engineering, design services and take up selective turnkey, process refinery, petrochemicals and power projects in India. This joint venture has already started operations at a dedicated center in the Rolta Technology park with 43 professionals in Mumbai.
The powerful combination of these two companies will bring in world class technology and high end engineering capabilities into India, and contribute to the economic growth of the nation by earning and saving significant foreign exchange. Besides this the JV is intended to leverage Indian infrastructure, facilities, and capabilities of Rolta and Stone & Webster's extensive experience and expertise for executing complex global EPC projects.
Mr. K.K. Singh, Chairman and Managing Director, Rolta India Ltd., commented, "This joint venture will bring in 115 years of technological experience and engineering skills for process & power industries from Stone & Webster, for the Indian market. This joint venture is a natural progression of our engineering business and will play a vital role in the growth of our company in this area and will enable us to increase market penetration, resulting in significant benefits to both companies".
"Enhancing Stone & Webster's competitive position in the international marketplace depends on the success of strategic business alliances like the one we have formed with Rolta. This joint venture is a significant milestone for our integrated power and process EPC business unit. It leverages the resources and expertise of both partners to augment Stone & Webster's engineering capabilities and thereby deliver enhanced value to our customers", stated Mr. E. Fatemizadeh, President of Engineering, Procurement and Construction, Stone & Webster, Inc.
Rolta India Limited
Rolta is an Indian multinational organization, providing knowledge-based, comprehensive IT solutions and services in Engineering Design, Geoengineering/GIS, and eSolutions, to global markets. Established in 1982, Rolta is India's #1 CAD/CAM/GIS solution provider and amongst the top Geoengineering/GIS service providers worldwide. Rolta has subsidiaries in the USA, Canada, UK, Europe, Middle East, Asia Pacific and 15 offices across the country employing over 3000 people. Rolta has been consistently ranked for the last three years by Forbes Global, amongst the 200 Best Companies in the World (having sales up to US $ 1 Billion) - only eighteen companies worldwide have scored this hat trick. For further information, please visit the Company's website at www.rolta.com
Stone & Webster
Stone & Webster, Inc., a subsidiary of The Shaw Group Inc., one of the world's foremost engineering-construction companies. Founded in Boston in 1889, Stone and Webster has evolved into a global organization and has been responsible for the development, consulting, engineering and construction of nuclear, fossilfueled, geothermal and hydroelectric power generation projects. Stone & Webster has a portfolio of power projects spanning over 50 countries, six continents and 115 years. The company is a recognised leader in refining, petrochemical and polymer technology and has supplied the process technology for over 35% of the world's Ethylene capacity constructed since 1995.
The Shaw Group Inc.
The Shaw Group Inc. is a leading provider of consulting, engineering, construction, remediation and facilities management services to government and private sector clients in the environmental, infrastructure and emergency response markets. Shaw is also a vertically integrated provider of comprehensive engineering, consulting, procurement, pipe fabrication, construction and maintenance services to the power and process industries worldwide. A Fortune 500 company, with $3.3 billion in revenues in 2003, The Shaw Group also debuted on the magazine's "America's Most Admired Companies" list in 2004. Shaw is headquartered in Baton Rouge, Louisiana, USA and employs approximately 17,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. For further information, please visit the Company's website at www.shawgrp.com
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained herein that are not historical facts (including without limitation statements to the effect that the Company or its management "believes," "expects," "anticipates," "plans," or other similar expressions) and statements related to revenues, earnings, backlog, or other financial information or results are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions and are subject to change based upon various factors. Should one or more of such risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A description of some of the risks and uncertainties that could cause actual results to differ materially from such forward-looking statements can be found in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Form 10-K and Form 10-Q reports and on the Company's website under the heading "Forward Looking Statement". These documents are also available from the Securities and Exchange Commission or from the Investor Relations department of Shaw. For more information on the company and announcements it makes from time to time on a regional basis visit our website at www.shawgrp.com
For additional information
K. R. Vaidyanathan,
Sr. Executive Director
Rolta India Limited
Telephone: 91-22-2832 6666 / 2826 2222
Fax: 91-22-2836 5992
www.rolta.com
