Welspun Corp Limited has announced the incorporation of a new step-down wholly owned subsidiary in Jordan. This new entity, to be named ‘Welspun Pipe Jordan, PSC’ or similar, will focus on manufacturing, processing, and fabricating iron and steel wires, tubes, and pipes. The incorporation marks an expansion of Welspun’s global operations and its commitment to serving industrial sectors like water, gas, and oil transportation.
New Subsidiary in Jordan
Welspun Corp Limited has received approval for the incorporation of a new wholly owned subsidiary in Jordan. This strategic move, communicated via its subsidiary Welspun Global Holdings Limited (WGHL), DIFC, UAE, signifies an expansion of the company’s international presence. The subsidiary will operate under the name ‘Welspun Pipe Jordan, PSC,’ or an alternative name approved by relevant authorities.
Business Objectives and Scope
The primary objective of the new Jordanian entity is to engage in the comprehensive business of manufacturing, producing, processing, and fabricating iron and steel products. This includes the production of wires, tubes, and pipes, specifically line pipes and other tubular products crucial for the transportation of water, gas, and oil. The subsidiary will also undertake casting and processing of iron and steel, developing products and components derived from these activities. The incorporation is contingent upon the approval of the Statutory Authorities in Jordan.
Ownership and Investment
The proposed company will be a step-down wholly owned subsidiary of Welspun Corp Limited. The entire shareholding will be held by Welspun Global Holdings Limited. The investment will be made through cash consideration. Further updates regarding the cost of subscription and the exact number of shares allotted will be provided upon the company’s incorporation.
Source: BSE
