te Welspun Corp's EPIC signs Rs 1,000 crore contract with Saudi Aramco | Zee Business

Welspun Corp's EPIC signs Rs 1,000 crore contract with Saudi Aramco

The total value of the order exceeds Saudi Riyal 440 million (about Rs 1,000 crore) inclusive of value added tax, Welspun Corp said in a statement.

Welspun Corp's EPIC signs Rs 1,000 crore contract with Saudi Aramco
The duration of the contract is 13 months, Representative image, source: Reuters

Homegrown Welspun Corp on Friday said its associate company East Pipes Integrated Company for Industry (EPIC) has signed a contract with Saudi Aramco worth about Rs 1,000 crore for manufacturing and supply of large diameter steel pipes.

 

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The total value of the order exceeds Saudi Riyal 440 million (about Rs 1,000 crore) inclusive of value added tax, Welspun Corp said in a statement.

"Associate company EPIC in the Kingdom of Saudi Arabia (KSA) has signed a contract for the manufacturing and supply of large diameter steel pipes with Saudi Aramco.

"The financial impact of this contract is expected to be reflected in the second and third quarter of the financial year 2024-2025," it said.

The duration of the contract is 13 months.

This order is in addition to the announcement made by Welspun Corp in May 2023 for the landmark SAR 1.8 billion (about Rs 4,000 crore) contract with Aramco, the statement said.

EPIC is Saudi Arabia's leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes.

Welspun Corp Ltd (WCL), the flagship company of Welspun Group, is one of the largest manufacturers of large diameter pipes globally and has established a global footprint across six continents and fifty countries.

The company also manufactures BIS-certified Steel Billets, TMT (Thermo-Mechanically Treated) Rebars, Ductile Iron (DI) Pipes, Stainless Steel Pipes, and Tubes & Bars.

The company has manufacturing facilities in Anjar (Gujarat), Bhopal (Madhya Pradesh), Mandya (Karnataka) and Jhagadia (Gujarat) in India. WCL also has a manufacturing presence in Little Rock, Arkansas, USA.

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Written By: PTI
Updated: Fri, Nov 10, 2023
04:36 pm
Mumbai, PTI
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