Inside of just three months, a medium sized Indian company engaged in manufacturing oilfield equipment has made twin successful entrepreneurial “strikes”. The company SARA SAE Private Limited first bought back, 76% of its equity that had been held by US oilfield equipment multinational major National Oilwell Varco (NOV) since August 2007. Its second “strike” came in November when it purchased in an all cash deal a Houston based manufacturing facility, Consolidated Pressure Control LLLP’ (CPC) through STS Products Inc. one of its group companies in Houston.
Vijay Dhawan brings Doon on world oilfield equipment map
CPC was established in 2004 by a group of entrepreneurs including Kris Bowen, George Kris and another partner. It is engaged in manufacturing, supplying and servicing of Control Systems for surface mounted Blow out Protection Units (BoPs). It is an API Certified company in 16-D specifications and is also ISO Certified. Additionally, it is also in the business of supplying land rig units, BOP test pumps and other components used in oil and gas industry.
Speaking to media persons at its corporate headquarters in Dehra Dun on Nov 15, its chairman VK Dhawan had said that it was “a matter of great pride and honor to have joined the elite club of multinationals in India”.
SARA SAE, the flagship company of SARA Group, has been manufacturing and marketing similar equipment worldwide for the past 30 years and this acquisition will bring about a synergy between CPC and the Indian major.
Dhawan expressed his confidence that acquisition of CPC would not only open up new avenues for their products but would also boost the marketing of their Indian manufactured products in North America. He described SARA SAE as an ideal example of success in high quality and low cost manufacturing base for precision hi-tech engineering equipment for oil industry. CPC, Dhawan said, was a fully operational and profit making company run by professionals. “My sons, Samir and Sumit will assist me in running the acquired company,” Dhawan said. He does not foresee any other change at CPC and said its currently employed American staff will continue. SARA SAE plan to build a new manufacturing facility in Woodland area in Houston.