:Welspun Corp
{{Short description|Indian company}}
{{Multiple issues|
{{Overly detailed|date=October 2024}}
{{COI|date=October 2024}}
}}
{{Use dmy dates|date=September 2015}}
{{Use Indian English|date=September 2015}}
{{Infobox company
| name = Welspun Corp Limited
| logo = WelspunCORPNewLogo.jpg
| type = Public
| traded_as = {{ubl|{{BSE|532144}} | {{NSE|WELCORP}} }}
| industry = Pipe Solutions and building materials
| founded = 1995
| location_country = Mumbai, Maharashtra, India
| key_people = B. K. Goenka (Chairman), Vipul Mathur (MD & CEO)
| products =
| revenue = {{up}} {{INRconvert|10078.08|c}} (FY23)
| profit = {{up}} {{INRconvert|206.69|c}} (FY23){{cite news |title=Welspun Corp Ltd |url=https://www.sharekhan.com/MediaGalary/Equity/WelspunCorp-3R-May31_2023.pdf |access-date=7 July 2023 |work=Sharekhan}}
| parent = Welspun World
| homepage =
}}
Welspun Corp Limited (Welspun Gujarat Stahl Rohren) is an Indian multinational company with its headquarters in Mumbai, India. It specializes in manufacturing large-diameter pipes and operates in multiple countries across six continents.{{cite news |date=30 April 2010 |title=Welspun Gujarat Stahl Rohren renamed Welspun Corp |url=https://www.business-standard.com/article/companies/welspun-gujarat-stahl-rohren-renamed-welspun-corp-110043000007_1.html |access-date= |work=Businessstandard.com}} Its manufacturing facilities are located in Anjar (Gujarat),{{Cite news |last=Soneji |first=Haresh |date=2007-06-04 |title=Can't have enough on its plate |url=https://economictimes.indiatimes.com/cant-have-enough-on-its-plate/articleshow/2094855.cms?from=mdr |access-date= |work=The Economic Times |issn=0013-0389}} Bhopal (Madhya Pradesh), Mandya (Karnataka), Jhagadia (Gujarat), and Little Rock, Arkansas, in the US.{{Cite web |title=Welspun Corp Ltd- HDFC securities |url=https://www.hdfcsec.com/hsl.research.pdf/WelspunCorp-PickOfTheWeek20170724090324.pdf |website=HDFC securities}}{{cite news |title=Welspun Corp Limited |url=https://www.careratings.com/upload/CompanyFiles/PR/24012023075700_Welspun_Corp_Limited.pdf |access-date=7 July 2023 |work=CARE Ratings}}
In 2020, Welspun Corp entered the DI pipes business with an installed capacity of 500,000 tonnes at its Anjar facility. The facility was commissioned in July of the same year and started operations in 2022.{{Cite web |date=2022-10-04 |title=Welspun Metallics launches ₹2000 crore manufacturing facility in Gujarat |url=https://www.livemint.com/companies/news/welspun-metallics-launches-rs-2000-crore-manufacturing-facility-in-gujarat-11664880567996.html |access-date= |website=mint |language=en}} In 2023, Welspun Corp's subsidiary, Welspun DI Pipes, was awarded the Kitemark certificate by BSI UK for the size range of 100 to 1,000 DN against EN 545 and ISO 2531 standards.{{Cite web |date=2023-03-09 |title=Welspun DI Pipes gets 'Kitemark' certificate from BSI UK |url=https://www.cnbctv18.com/business/companies/welspun-di-pipes-gets-kitemark-certificate-from-bsi-uk-16133431.htm/ |access-date= |website=CNBCTV18 |language=en}} In March 2023, the company acquired Sintex, a water tank manufacturer, for Rs 1251 crores, as part of its strategy to expand its building materials portfolio.{{Cite news |date=2023-03-30 |title=Welspun acquires water tanks manufacturer Sintex for Rs 1251 crore |url=https://economictimes.indiatimes.com/news/company/corporate-trends/welspun-acquires-water-tanks-manufacturer-sintex-for-rs-1251-crore/articleshow/99123059.cms?from=mdr |access-date= |work=The Economic Times |issn=0013-0389}} Welspun Corp also acquired specified assets of ABG Shipyard for Rs 659 crores.{{Cite web |title=Welspun Corp eyes monetisation of ABG Shipyard land parcel |url=https://www.moneycontrol.com/news/business/welspun-corp-eyes-monetisation-of-abg-shipyard-land-parcel-12717351.html |website=www.moneycontrol.com}}
History
= 1995–2005 =
Welspun Corp was incorporated in 1995 under the name Welspun Gujarat Stahl Rohren Limited,{{Cite web |date=2007-12-13 |title=Catch them small |url=https://www.indiatoday.in/magazine/economy/story/20071224-catch-them-small-734781-2007-12-13 |access-date= |website=India Today |language=en}} with technical collaboration from Intertec GmbH, Germany, and equity participation from Intertec GmbH and Gujarat Industrial Investment Corporation Ltd. The company runs facilities in Anjar, Gujarat and Mandya, Karnataka, India. It also has a plate and coil mill facility in India. In 2004, the company expanded its operations to include the production of high-frequency induction weld (HFIW) pipes and set up a new manufacturing facility in December of that year.{{Cite web |title=Welspun Corp Ltd- HDFC securities |url=https://www.hdfcsec.com/hsl.research.pdf/WelspunCorp-PickOfTheWeek20170724090324.pdf |website=HDFC securities}}
The company started its pipe coating operations through a partnership with Eupec Pipe Coatings Ltd in France. Subsequently, there was a consolidation within the company as it merged its joint venture entity, Eupec Welspun Pipecoating India, with Welspun Stahl. This collaborative unit, that was established in the late '90s in partnership with the German company Eupec Pipecoating GmBH, became integrated into Welspun Stahl.{{Cite web |title=Welspun promoters buy German partner Mulheim Pipe Coatings' stake in Welspun Corp for $12M |url=https://www.vccircle.com/welspun-promoters-buy-german-partner-mulheim-pipe-coatings-stake |access-date= |website=VCCircle |language=en-US}}
= 2006–2010 =
In October 2006, the company announced a 40:60 joint venture with TMK Group,{{Cite news |title=Welspun forms JV with Russian firm |url=https://www.business-standard.com/article/companies/welspun-forms-jv-with-russian-firm-106100501069_1.html |work=}} Russia's largest manufacturer and exporter of pipe products in the oil and gas sector.{{Cite news |last=Thomas |first=Prince Mathews |date=2007-03-24 |title=Welspun Gujarat on Russian journey |url=https://economictimes.indiatimes.com/industry/cons-products/durables/welspun-gujarat-on-russian-journey/articleshow/1800653.cms?from=mdr |access-date= |work=The Economic Times |issn=0013-0389}}{{Cite news |title=Russia's TMK ends JV talks with Welspun Gujarat |url=https://www.reuters.com/article/idUSWLB5677/ |work=}}
In December, the company entered into an agreement to establish a joint venture with Lone Star Technologies, a U.S.-based company, to manufacture spiral-welded tubular products for the oil and gas industry. As per the agreement, Lone Star and Welspun Pipe, a wholly-owned subsidiary of Welspun-Gujarat Stahl Rohren, acquired 40% and 60% stakes, respectively, in the newly formed company named Welspun Lone Star Tubulars.{{Cite web |last=Datta |first=Kausik |date=14 February 2013 |title=Welspun, Lone Star plan JV for spiral pipes |url=https://www.business-standard.com/article/companies/welspun-lone-star-plan-jv-for-spiral-pipes-106122101089_1.html |website=}} However, Lone Star was acquired by US Steel in April 2007 for $2 billion.{{Cite web |date= 29 March 2007|title=U.S. Steel To Acquire Lone Star Technologies For $2.1 Billion |url=https://www.cnbc.com/2007/03/29/us-steel-to-acquire-lone-star-technologies-for-21-billion.html |access-date= |website=CNBC}}{{Cite news |title=U.S. Steel to Buy Lone Star for $2.1 Billion |url=https://www.bloomberg.com/news/articles/2007-03-29/u-dot-s-dot-steel-to-buy-lone-star-for-2-dot-1-billionbusinessweek-business-news-stock-market-and-financial-advice |access-date= |website=Bloomberg News}} In July 2007, Welspun decided to withdraw from the joint venture with Lone Star and announced the establishment of a new wholly-owned subsidiary in the U.S. with an investment of $150 million.{{Cite news |last=Thomas |first=Prince Mathews |date=2007-07-03 |title=Welspun arm opts out of JV with Lone Star |url=https://economictimes.indiatimes.com/industry/indl-goods/svs/engineering/welspun-arm-opts-out-of-jv-with-lone-star/articleshow/2168379.cms?from=mdr |access-date= |work=The Economic Times |issn=0013-0389}}
In May 2009, Welspun Gujarat Stahl Rohren opened a $150 million plant in the U.S. for the production of steel pipes.{{Cite news |last=Matthews |first=Robert Guy |title=Indian Steel Forges in U.S. - WSJ |url=https://www.wsj.com/articles/SB124147398160884821 |access-date= |work=WSJ |language=en-US}} In March 2010, the company bought a 75% stake in the construction firm MSK Projects India for Rs 400 crore through its subsidiary, Welspun Infratech.{{Cite web |title=Buying MSK Projects India |url=https://www.dnaindia.com/business/report-buying-msk-projects-india-1361089 |access-date= |website= |language=en}}{{Cite web |date=2010-03-18 |title=Welspun-Gujarat unit to acquire MSK Projects |url=https://www.livemint.com/Companies/RjgdDAzqZNcBS9Hd0VPuVL/WelspunGujarat-unit-to-acquire-MSK-Projects.html |access-date= |website= |language=en}} Lauri Antero Malkki became the CEO of the company in March 2023.{{Cite web |last=Ghosh |first=Satish John & Shauvik |date=2010-05-16 |title=Indian firms turn to expats |url=https://www.livemint.com/Companies/rahrDQfF3BiFkwUHAp0rGI/Indian-firms-turn-to-expats.html |access-date= |website= |language=en}} Also, in 2010, the company rebranded from Welspun Gujarat Stahl Rohren to Welspun Corp Limited.
= 2011–2024 =
In August 2015, Welspun Corp teamed up with the Malaysian Wasco Energy to set up a concrete weight coating (CWC) plant in Anjar, Gujarat.{{Cite web |last=Pillay |first=Amritha |date= 25 August 2015|title=Welspun Corp, Wasco Energy to develop CWC plant |url=https://www.livemint.com/Companies/bCxnNnan13IfDR7ZP9QLjO/Welspun-Corp-Wasco-Energy-to-develop-CWC-plant.html |access-date= |website= |language=en}} In 2018, the company was awarded the gold medal in the National Awards for Manufacturing Competitiveness and the Greentech Environment Gold Award by International Research Institute for Manufacturing, India (IRIM).{{Cite web |title=Welspun Corp rises 10% as Co enters into agreement for supply of pipes in America |url=https://www.moneycontrol.com/news/business/markets/welspun-corp-rises-10-as-co-enters-into-agreement-for-supply-of-pipes-in-america-2871351.html |website=}} In 2020, Welspun Corp won the Golden Peacock National Quality Award.{{Cite web |title=Golden Peacock National Quality Award (GPNQA) - Winners |url=https://www.goldenpeacockaward.com/national-winners/golden-peacock-national-quality-award-past-winners.html |access-date= |website=www.goldenpeacockaward.com}}
In October 2022, the company started operations at the Ductile Iron Pipes facility in Anjar through its wholly-owned subsidiary, Welspun DI Pipes Limited.{{Cite web |last=Luthra |first=Swati |date=2022-10-21 |title=Welspun Corp Ltd announces Commencement of the Ductile Iron Pipes facility in Anjar |url=https://www.livemint.com/companies/news/welspun-corp-ltd-announces-commencement-of-the-ductile-iron-pipes-facility-in-anjar-11666353514649.html |access-date= |website= |language=en}} Also, in 2022, Welspun Metallics opened a manufacturing facility in Gujarat with an investment of Rs. 2000 crore.{{Cite web |last=Anand |first=Saurav |date=2022-10-04 |title=Welspun Metallics launches ₹2000 crore manufacturing facility in Gujarat |url=https://www.livemint.com/companies/news/welspun-metallics-launches-rs-2000-crore-manufacturing-facility-in-gujarat-11664880567996.html |access-date= |website= |language=en}} In 2022, WCL acquired specified assets from ABG Shipyard,{{Cite web |last=Ramesh |first=M. |date=2023-02-25 |title=Gujarat HC allows Welspun to take over ABG Shipyard's assets |url=https://www.thehindubusinessline.com/business-laws/gujarat-hc-allows-welspun-to-take-over-abg-shipyards-assets/article66552456.ece |access-date= |website= |language=en}} and in the first quarter of 2023, completed the acquisition of the Plastic Products business of Sintex BAPL.{{Cite web |date=2023-03-10 |title=Welspun acquires water tank manufacturer Sintex for ₹1,251 cr |url=https://www.fortuneindia.com/enterprise/welspun-acquires-water-tank-manufacturer-sintex-for-1251-cr/112088 |access-date= |website=www.fortuneindia.com |language=en}}
Divisions
- The Welspun Pipes Division manufactures pipes from Dahej (Gujarat), Anjar (Gujarat) and Mandya (Karnataka) in India and Little Rock, Arkansas in the U.S.{{Cite web |title=Welspun Corp Ltd- HDFC securities |url=https://www.hdfcsec.com/hsl.research.pdf/WelspunCorp-PickOfTheWeek20170724090324.pdf |website=HDFC securities}}
- Welspun Plates and Coil manufactures plates up to 4.5 meters wide and coils up to 2.8 meters wide.{{Cite web |date= 3 May 2021|title=Nifty likely to open gap-down on poll verdict, global cues |url=https://www.thehindubusinessline.com/markets/stock-markets/nifty-likely-to-open-gap-down-on-poll-verdict-global-cues/article34469493.ece |access-date= |website= |language=en}}
- Welspun Tubular LLC (USA): This spiral pipe and coating facility is spread across 740 acres and has an annual capacity of 350,000 tons near Little Rock Port, Arkansas. Welspun Tubular LLC begins production at its new electric-resistance welded (ERW) steel pipe mill in Little Rock, Ark., in 2012 according to a company executive.{{Cite web |title=INDIAN ROOTS, AMERICAN SOIL |url=https://www.cii.in/webcms/Upload/India%20Roots2011.pdf |website=}}
- Welspun Natural Resources Ltd is a joint venture with Adani Group. It has a portfolio of eight oil and gas assets across India, Thailand and Egypt.{{Cite news |date=2009-11-11 |title= Adani Welspun may divest oil & gas equity|newspaper= The Economic Times|url=https://economictimes.indiatimes.com/industry/energy/oil-gas/adani-welspun-may-divest-oil-gas-equity/articleshow/5217666.cms?from=mdr |access-date= |work= |issn=}}
- Welspun Energy Ltd was incorporated to set up thermal power plants and solar energy power generating facilities.{{Cite web |title=Welspun Enterprises to explore sustainable energy business |url=https://www.indianchemicalnews.com/energy/welspun-enterprises-to-explore-sustainable-energy-business-16280#:~:text=WNEL%20was%20incorporated%20on%20June,thermal%20energy%20and%20as%20manufacturers, |access-date= |website=}}
References
{{reflist}}
External links
- [https://www.welspuncorp.com/ Welspun Corp]
{{Steel industry of India}}
{{Welspun Group}}
Category:Manufacturing companies based in Mumbai
Category:Steel companies of India
Category:Construction and civil engineering companies of India
Category:Indian companies established in 1995
Category:Construction and civil engineering companies established in 1995
Category:1995 establishments in Maharashtra
Category:Companies listed on the National Stock Exchange of India