Under the agreement, Welspun Corp and Perma-Pipe plan to establish a joint venture to develop and operate the facilities, according to a press release filed with the stock exchanges.
The proposed manufacturing hub would supply pipes and related products for water, oil and gas, energy and infrastructure projects in Jordan and surrounding markets.
The partnership would combine Welspun’s large-diameter steel-pipe manufacturing capabilities with Perma-Pipe’s expertise in anti-corrosion coatings, engineered piping systems and project execution.
Investment, ownership details yet to be decided
The project is still at an early stage.
The companies are working through its technical, commercial, financing and regulatory requirements, including the design of the facilities, manufacturing capacity, coating technologies and necessary approvals.
Welspun hasn’t yet disclosed the proposed investment, ownership structure of the joint venture, manufacturing capacity or a timeline for the project.
Those details are expected to be announced as the project progresses and definitive agreements are signed.
The MoU therefore sets out the parties’ intention to develop the project but isn’t, by itself, the announcement of a completed investment or an operational manufacturing facility.
Welspun eyes wider Middle East opportunity
Welspun said the proposed facilities could become a regional manufacturing hub, strengthening local supply chains and supporting large infrastructure projects in Jordan and neighbouring markets.
Vipul Mathur, Managing Director and CEO of Welspun Corp, said the proposed venture was in line with the company’s strategy of investing in its core products and geographies.
Beyond water infrastructure, Welspun sees potential demand from onshore and offshore oil and gas projects, reconstruction activity across the Middle East and emerging hydrogen and carbon capture, utilisation and storage projects.
Welspun Corp shares closed 6.91% higher at ₹2,556.30 on September 1.
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