Welspun Corp Ltd has received the highest-ever single order worth ₹5,000 crore for supply of pipes in the US.
The order is for supply of 325,000 tonnes of large diameter coated pipes for transporting natural gas from the Permian Basin to Houston. The order executed from the company’s Little Rock plant, and will be executed over 12 months, starting FY23 second half.
The US arm had received a similar order of 26,000 tonne last April from a long-standing customer in North America and another from Australia.
With this, the company’s order book (excluding Saudi) stands at 704,000 tonnes valued at about ₹10,500 crore.
Vipul Mathur, Managing Director and Chief Executive Officer, Welspun Corp, said the single largest order comes out of the understanding of customer’s needs, quality orientation and execution track record coupled with modern technology and innovation.
The pan-global order book and successive wins in a highly competitive environment validate the company’s global leadership position in this segment, he added.
“We are confident that given the prevailing high energy prices and increasing demand scenario, further opportunities are likely to arise over the mid-to-long term in both the global and the US market. This will enable the company converting opportunities into business and profitable order book at Welspun Corp over the next few years,” it said.
The shares of the company gained nearly 17 per cent to close at ₹244.30 on Friday.
May 20, 2022