Welspun Approves $100 Million Investment To Enhance US Pipe Manufacturing Capabilities
Welspun Corp.'s board of directors approved an investment of approximately $100 million on Monday through a wholly owned subsidiary to upgrade the high-frequency induction welding pipe manufacturing and coating capabilities in the US for enriching its product portfolio.
The investment by Welspun Pipes Inc. will be spread over the 18 months and will be financed through local debt and internal accruals. The upgrade aims to enhance Welspun Pipes' product portfolio by incorporating larger pipe sizes up to 24 inches in outside diameter and 0.750 inches in wall thickness, according to an exchange filing.
The move is expected to bolster Welspun's leadership position in the US oil & gas segment, strengthening its presence in the oil, liquids, gas and distribution markets. The upgraded facilities will enable the company to tap into the growing hydrogen and carbon capture applications market in North America, it said.
The outlook for the line pipe market in the US remains positive, with strong demand driven by active drilling activities in the Permian Basin and ongoing needs for new gas pipelines to transport Permian gas to the Gulf Coast, according to the filing.
Shares of Welspun closed 1.74% lower at Rs 695.50 apiece on the BSE, compared to a 0.24% advance in the benchmark Sensex.
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