Press Releases
Friday
October 31, 2003
STONE & WEBSTER, INC. AND Rolta ENTER INTO A MEMORANDUM OF UNDERSTANDING FOR A STRATEGIC BUSINESS ALLIANCE TO FORM JOINT VENTURE COMPANY
Joint Venture Will Provide Global
Engineering, Design and Procurement Services
Baton Rouge, Louisiana, October 31, 2003: The Shaw Group Inc. (NYSE: SGR) and Rolta of Mumbai, India today announced that Shaw's affiliate, Stone & Webster Engineering Projects Private Limited, (“Stone & Webster”), and Rolta have entered into a memorandum of understanding for a strategic business alliance pursuant to which Stone & Webster and Rolta Limited are to form a joint venture company in India. The joint venture company is to provide engineering, design, and procurement services primarily to support Stone & Webster's power, refinery and petrochemical projects. It is to be formed under a name that includes both Rolta and Stone & Webster and will be owned 50% by each.
The joint venture is intended to leverage the Indian infrastructure, facilities and capabilities of Rolta India Ltd. and Stone & Webster's extensive experience and expertise for executing complex global EPC projects to provide high quality, cost-effective engineering, design, and procurement services.
Mr. K.K. Singh, Chairman and Managing Director, Rolta India Ltd., commented, "This joint venture is the natural progression of our engineering business and will play a vital role in the growth of our company in this area. Both Rolta and Stone & Webster will be able 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," stated Mr. Abe Fatimezadeh, President of Power and Process Engineering, Procurement and Construction for The Shaw Group Inc. "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."
Rolta India Limited : Rolta is an Indian multinational organization providing knowledge-based software and IT-enabled services to customers around the world. Rolta's domain expertise encompasses diverse areas such as Geo-engineering, Plant Design Automation, Mechanical Design Automation, Product Lifecycle Management and Enterprise Application Integration (EAI) that includes integrating and web-enabling Engineering & Business applications, Smart Cards, eSecurity and Data-Warehousing/Mining. For three consecutive years, Forbes Global has ranked Rolta among the 200 Best Companies in the World with annual revenues of up to US $1 billion.
The Shaw Group Inc. : Shaw is a leading provider of consulting, engineering, construction, remediation and facilities management services to government and private sector clients in the environmental, infrastructure and homeland security 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. The Company is headquartered in Baton Rouge, Louisiana, USA and employs approximately 14,800 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region.
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
Mr.S.K. Shirguppi
Director (Business Operations - EDA)
Rolta India Limited
Telephone: 91-22-2832 6666 / 2826 2222 Extn: 3931
E-mail: skshree@rolta.com
www.rolta.com
