Under the proposed partnership, Welspun Corp and Perma-Pipe plan to establish a joint venture that would develop and operate an integrated pipe manufacturing and coating platform in Jordan. The facility is expected to cater to water, oil and gas, energy and infrastructure projects in Jordan as well as neighbouring regional markets.
The proposed platform would combine Welspun Corp’s large-diameter steel pipe manufacturing capabilities with Perma-Pipe’s expertise in anti-corrosion coating systems, engineered piping solutions and project execution.
The companies, along with the project developers, are currently working on the technical, commercial, financing and regulatory aspects of the proposed project. This includes facility design, manufacturing capacity, coating technologies, market requirements and regulatory approvals.
Details on the proposed investment, ownership structure, manufacturing capacity and project timeline will be disclosed as the initiative progresses and definitive agreements are finalised.
The proposed facility is also intended to serve as a regional manufacturing hub, helping strengthen supply chains and support infrastructure development across the Middle East. Over time, the platform could cater to reconstruction and infrastructure requirements in Syria, Lebanon, Iraq and Gaza, as well as potential opportunities linked to regional oil and gas infrastructure connected to the Port of Aqaba.
Welspun Corp Managing Director and CEO Vipul Mathur said the proposed partnership is aligned with the company’s strategy of investing in its core products and core geographies. He said Jordan could offer long-term opportunities across onshore and offshore oil and gas, water infrastructure, reconstruction projects and emerging areas such as hydrogen and carbon capture, utilisation and storage.
Meanwhile, Perma-Pipe CEO Saleh Sagr said Jordan’s geographical position could provide a manufacturing base and gateway to markets across the Levant and the broader Middle East.The development comes shortly after a ₹1,433 crore block deal in Welspun Corp on August 26. Promoter-group entity Welspun Investments and Commercials and Managing Director and CEO Vipul Mathur sold a combined 63 lakh shares, representing around 2.4% of the company’s equity, at an average price of ₹2,275.30 per share.
Three entities linked to Capital Group emerged as major buyers, collectively acquiring 42.3 lakh shares, or around 1.64% of Welspun Corp. Euro Pacific Growth Fund bought 29.5 lakh shares, equivalent to a 1.12% stake, for ₹670.3 crore. New World Fund acquired 8.4 lakh shares for ₹191.51 crore, while Capital Group Europacific Growth Trust purchased 4.4 lakh shares for ₹100.9 crore.
The block deal was a secondary share sale, with the proceeds going to the selling shareholders rather than Welspun Corp.
Welspun Corp shares ended 6.91% higher at ₹2,556.30 on Tuesday. The stock has gained nearly 220% so far this year.
