Welspun Corp’s Board of Directors has approved key strategic initiatives, including a $115 million capital expenditure for an additional spiral pipe facility in Arkansas, USA. They also announced a partnership with Perma-Pipe to establish pipe manufacturing and coating facilities in Jordan, with a total project investment of up to $125 million. Furthermore, the board approved the re-appointment of two independent directors.
US Facility Expansion Approved
The Board of Directors of Welspun Corp has given its approval for a capital expenditure of USD 115 million to establish an additional Spiral (HSAW) Pipe facility. This expansion aims at debottlenecking and augmenting capacity at their existing location in Little Rock, Arkansas, USA. The new facility will increase the company’s HSAW pipe capacity by 225 KMTPA and is expected to be operational by March 2028. Financing for this project will be through internal accruals.
Strategic Partnership in Jordan
In a significant move to enhance its global presence, Welspun Corp has also announced a partnership with Perma-Pipe International Holdings, Inc. The Board approved a total project investment of approximately USD 125 million in Jordan for establishing spiral pipe manufacturing and coating facilities. This investment will be funded on a 50:50 basis by both partners. These facilities will cater to pipe sizes ranging from 24″ to 120″ and are intended to serve major water, oil, gas, and infrastructure projects in the region, creating a strategic manufacturing hub.
Independent Director Re-appointments
The Board also approved the re-appointment of two Independent Directors, subject to shareholder approval:
Mr. Manish Chokhani will be re-appointed for a second term of four years effective from February 2, 2027.
Mr. Anjani Kumar Agrawal will also be re-appointed for a second term of four years effective from April 1, 2027.
Acquisition of IFBE Plant Stake
Additionally, Welspun Corp announced the acquisition of a 49% direct stake in Welspun Special Coating Private Limited (WSCPL), a step-down subsidiary, for an aggregate consideration of Rs. 49,000/-. This move is part of expanding the company’s IFBE coating capabilities through a joint venture in India with Perma-Pipe, with a total investment of approximately Rs. 110 Crores.
Source: BSE
