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The board of Welspun Corp at its meeting held on 29 October 2026 has approved the acquisition of 49% stake in Welspun Special Coating (WSCPL) from Welspun DI Pipes (“WDI”), a wholly-owned subsidiary of the company, for an aggregate consideration of Rs. 49,000/-.
Simultaneously, WDI will enter into a Share Purchase Agreement with Perma-Pipe Qatar, pursuant to which Perma-Pipe Qatar will acquire the remaining 51% equity stake in WSCPL from WDI for an aggregate consideration of Rs. 51,000/-. The company will also enter into Shareholders' Agreement (JV Agreement) with Perma-Pipe Qatar.
The Board of Directors of WDI has also approved the sale and transfer of its entire equity shareholding in WSCPL to the Company and Perma-Pipe Qatar in the aforesaid proportion and has approved the execution of the aforesaid Share Purchase Agreement.
Internal FBE (Fusion Bonded Epoxy) coating is an epoxy-based powder applied electrostatically to the interior of steel pipes to protect against corrosion and chemical damage. The major applications are in Onshore and offshore Oil & Gas Pipelines; Slurry Pipeline; Chemical processing plants; Food processing applications; Underground or underwater water pipelines.
This JV's capability to do IFBE coating will position the Company favorably to win both export and domestic Orders for IFBE Coated Pipes.
Upon completion of the aforesaid transactions, WSCPL will cease to be a wholly-owned subsidiary of WDI and will become a direct associate company of WCL, with the Company holding 49% of its equity share capital and Perma-Pipe Qatar holding the remaining 51%.
The total investment in WSCPL is estimated at upto ~ Rs. 110 crore which will be shared with JV Partner in the proportion of the above shareholding.
The proposed facilities will manufacture and coat pipes in range of 24” to 120”.
The proposed facilities will be capable of serving major water, oil and gas, energy, and infrastructure projects in the Kingdom of Jordan and across surrounding regional markets.
The partnership is expected to bring together Welspun's large-diameter steel pipe manufacturing capabilities and Perma-Pipe's expertise in anti-corrosion coating systems designed to protect pipelines from corrosion and extend service life, engineered piping solutions and project execution expertise.
Key details: Existing HSAW Pipes capacity in US: 350 KMTPA Proposed HSAW Pipes capacity augmentation: 225 KMTPA The proposed facility is expected to be operational in March, 2028
Welspun Tubular LLC, Welspun Corp's US subsidiary, has secured a landmark order of approx Rs 5,500 crore from a major midstream company to supply coated line pipes for a Permian Natural gas pipeline project.
The pipeline will serve an Anchor customer, a data centre complex of one of the A-Grade Hyper scalers, the very top tier of global digital infrastructure.
This order places Welspun at the intersection of two of the biggest infrastructure themes of the decade: Energy transmission and AI-led data centre expansion.
This order will be executed from Welspun USA facility during FY29.
With receipt of this order, Welspun stands at a record global order book of approx. USD 5.25 billion (Rs 50,000 crore), an all-time high.
Upon completion of the above transaction, WMHL will become a direct wholly-owned subsidiary of the company. The objective of the proposed acquisition is to streamline the company's overseas holding structure. Since the transaction is with WOS only, there is no impact on the consolidated financial statements of the company.
Investors remained focused on crude oil price movements, developments in the primary market and upcoming initial public offerings (IPOs). A series of domestic and global economic data releases scheduled for the week are also expected to influence market expectations surrounding monetary policy decisions by central banks.
Metal shares declined sharply after advancing in the previous trading session.
At 14:25 IST, the barometer index, the S&P BSE Sensex tanked 1060.01 points or 1.43% to 72,829.54. The Nifty 50 index dropped 340.85 points or 1.47% to 22,799.65.
In the broader market, the Nifty Midcap 100 index declined 1.52%. The Nifty Smallcap 100 index fell 1.75%.
The market breadth was weak. On the NSE, 769 shares rose and 2,759 shares fell. A total of 87 shares were unchanged.
Buzzing Index:
The Nifty Metal index declined 1.75% to 12,858.50. The index rose 0.35% in the past trading session.
Welspun Corp (down 3.86%), National Aluminium Company (down 3.19%), Adani Enterprises (down 2.97%), Hindustan Copper (down 2.92%), Hindustan Zinc (down 2.74%), NMDC (down 2.12%), Jindal Steel (down 2.11%), Vedanta (down 1.97%), Hindalco Industries (down 1.65%) and JSW Steel (down 1.39%) declined.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.73% to 7.172 compared with the previous session close of 7.120.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.9675 compared with its close of 95.7500 during the previous trading session.
MCX Gold futures for 5 October 2026 settlement fell 2.64% to Rs 1,46,901.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 100.06.
The United States 10-year bond yield rose 0.85% to 5.231.
In the commodities market, Brent crude for November 2026 settlement added $2.57 or 2.64% to $100.01 a barrel as uncertainty over the US-Iran conflict and the reopening of the Strait of Hormuz continued to influence supply concerns.
Welspun Tubular LLC, a wholly owned subsidiary of Welspun Corp in the USA, has secured the largest order in its history, in terms of volume, length and value, for the supply of High-Frequency Induction Welded (HFIW) pipes, valued at approx. USD 412.5 million (Rs 4,000 crore).
The pipes will be manufactured at the company's newly upgraded HFIW mill, with enhanced capabilities, at Little Rock, USA. The order will be executed during FY28 and FY29.
With this order, the company's global order book stands at a record USD 4.7 billion (Rs 45,000 crore), the highest in its history.
The pipes will be manufactured at Welspun Tubular’s newly upgraded HFIW mill in Little Rock, USA, which has enhanced manufacturing capabilities. The order is scheduled to be executed during FY28 and FY29.
Following the order win, Welspun Corp’s global order book reached a record $4.7 billion, or around Rs 45,000 crore, the highest level in the company’s history.
Welspun Corp has a diversified portfolio spanning line pipes, ductile iron pipes, stainless steel bars, pipes and tubes, and TMT rebars. It also houses Sintex, a brand focused on water storage tanks and advanced plastic piping solutions. The company serves customers across more than 50 countries on six continents, supported by manufacturing facilities in India, the US and Saudi Arabia.
The company's consolidated net profit surged 198.64% to Rs 1046.49 crore on a 14.91% rise in revenue to Rs 4081.12 crore in Q1 FY27 over Q1 FY26.