Welspun Corp Ltd

Transaction overview

• Target: Welspun Mauritius Holdings Limited (WMHL), a Mauritius-based subsidiary of Welspun Corp.
• Size/scale: not disclosed.
• Related party: yes; seller is Welspun Pipes Inc., USA, a wholly-owned Welspun Corp subsidiary.
• Industry/sector: Holding company / overseas holdings.
• Purpose: streamline overseas holdings; WMHL to become direct subsidiary.
• Regulatory approvals: not disclosed.
• Timeline: completion expected by 31 March 2027; pending due to formalities.
• Consideration: not disclosed.
• Cost/price: not disclosed.
• Shareholding acquired: ~2.57% equity in WMHL.
• Background: WMHL is a Mauritius-based subsidiary; incorporation date and turnover not disclosed.

Welspun Corp Ltd — Trading Window closed from October 1, 2026 till 48 hours after the date of Board Meeting wherein the approval of Un-Audited Financial Results of the company for the quarter and half year ending September 30, 2026 would be considered.

Award details

• Value: approx USD 412.5 million (~₹4,000 crore) for HFIW pipes
• Scope: supply High-Frequency Induction Welded (HFIW) pipes
• Manufacturing: at Little Rock, USA, in upgraded mill
• Execution: to be executed during FY28 and FY29
• Impact: global order book now ~USD 4.7 billion (record)

Meeting Details

• Date: Sep 25, 2026; Bharat Connect Conference organized by Arihant Capital Markets; Investor Group participation.
• Date: Sep 28–30, 2026; Non-deal roadshow with institutional investors; One-to-One meetings.

Participants

• Company representatives (management roles not specified) will participate.

Purpose

• Purpose: investor interaction through conference and non-deal roadshow.

Additional Notes

• Schedule may change due to host/company exigencies.

Aramco contract with EPIC

• Aramco signed a contract with EPIC for manufacturing and supply of steel pipes.
• Contract value exceeds 771 million SAR, including VAT.
• Contract duration is six months.
• Financial impact to be reflected from Q4 FY2026-27 to Q1 FY27-28.
• EPIC is Welspun Corp's associate in Saudi Arabia.
• Arm's-length terms for related-party arrangement not disclosed.
• Aramco is international customer.

Jordan subsidiary formation

• WGHL approved 18 Sep 2026 to incorporate Welspun Pipe Jordan, PSC in Jordan.
• Target will manufacture wires, tubes and pipes of iron and steel.
• Industry: Iron and steel products manufacturing; country: Jordan.
• Size/scale not disclosed.
• 100% shareholding by Welspun Global Holdings Limited, a wholly owned subsidiary of WCL.
• Subsidiary will be a step-down, wholly owned subsidiary of Welspun Corp.
• Form of consideration: cash for subscription of shares.
• Cost/price of subscription to be disclosed upon incorporation.
• Regulatory approvals: Jordan statutory authorities required for incorporation.
• Timeline: board approval given; date of incorporation not yet announced.
• Holding company: Welspun Global Holdings Limited, DIFC, UAE; relation: step-down wholly owned subsidiary.
• Proposed name on incorporation: Welspun Pipe Jordan, PSC; country: Jordan.

Target overview

• Target: Welspun Special Coating Private Limited, India; protective coatings for pipes and metallic structures.
• Ownership: 100% by Welspun DI Pipes Limited, a wholly owned Welspun Corp subsidiary.
• Industry: protective coatings.
• Background: to undertake all coating works for pipes and structures.

Transaction details and approvals

• Regulatory approvals: MCA approval required for incorporation.
• Consideration: cash subscription for shares.
• Cost/price: not disclosed.
• Post-incorporation ownership: 100% held by Welspun DI Pipes Limited.
• Timeline: incorporation date not disclosed; subject to approvals.
• Strategic rationale: enhance protective coatings capabilities within the group's pipe/metal structures business.
• Background: proposed entity will apply and undertake coating works for pipes and structures.

MoU to form Jordan pipe JV

• Welspun Corp and Perma-Pipe sign MoU to form Jordan-based JV for pipe manufacturing and coating.

Scope and markets

• JV to serve water, oil & gas, and infrastructure projects in Jordan and Levant.

Participants and structure

• Parties include Jordan project developers and Government of Jordan; ownership to be defined.

Investment details and timeline

• Investment, ownership, capacity, and project timeline to be announced with definitive agreements.

Regulatory and approvals

• Technical, commercial, financing, and regulatory requirements will be pursued.

Strategic rationale

• Creates regional manufacturing hub, strengthens local supply chains, and supports Levant infrastructure.

Governance changes

• No governance changes announced at this stage.

Next steps

• Details on investment, ownership, capacity, and timeline to be disclosed as definitive agreements progress.

Cancellation of CleanMax stake sale

• Proposed sale of 26% equity in CleanMax Dhyuthi Private Limited cancelled.
• Board approval obtained on 21 May 2026 for Rs 760 lakh valuation.
• Counterparty to proposed sale was Welspun Living Limited, promoter group company.
• Completion targeted by 31 August 2026.
• Cancellation due to current demand, supply and power availability at the location.
• No completion; proposed sale not to proceed.

Target overview

• Target: Welspun Slagexcel Private Limited (WSPL), GGBS manufacturer via slag granulation, India.
• Incorporated 31 August 2026; initial paid-up capital Rs 1,00,000.
• Welspun Corp subscribed 2,600 shares for Rs 26,000 (26% of WSPL).
• WSPL becomes associate of Welspun Corp after subscription.

Rationale & regulatory

• Purpose: establish GGBS production via slag granulation.
• Regulatory: MCA issued Certificate of Incorporation on 31 August 2026.

Financials & ownership

• Cost/consideration: cash subscription of Rs 26,000.
• Target size: WSPL paid-up capital Rs 1,00,000.
• Shareholding: Welspun Corp holds 26% in WSPL.

Background of target

• Product: Ground Granulated Blast Furnace Slag via slag granulation.
• Incorporation date: 31 August 2026.
• Industry: construction materials/slag-based cement additive.