UMW, together with an Indian company owned by Malaysians ARA-MK Corporation India Pvt Ltd, entered into a Share Sale and Subscription Agreement with Multicoat of Manoj Saraf to set up a company to be known as Multicoat Systems (Pvt) Ltd.

Under the agreement, UMW will acquire 40 percent of the issued and paid-up share capital of MSPL for a total consideration of Rs 37,400,000. The venture is for developing corrosion and coating technology in oil, gas and power sector.

UMW, which has been doing business in China, turned its attention to India in response to invitation by Minister for Overseas Indian Affairs (MOIA) Vayalar Ravi during his visit to Malaysia recently.