MUMBAI - Welspun Corp Ltd has announced that its associate, EPIC, a prominent HSAW pipe manufacturer in Saudi Arabia, has landed a series of significant orders totaling approximately Rs. 3,000 crores. These orders mark a substantial achievement for the company in the Middle Eastern market.
The contracts include a major deal with the Saline Water Conversion Corporation (SWCC) valued at Rs. 2,200 crores for the supply of steel pipes. Additionally, EPIC has secured orders from Saudi Aramco (TADAWUL:2222), the world's leading integrated energy and chemicals company, for pipe production and supplementary services amounting to Rs. 716 crores.
The company has indicated that the financial benefits of these new orders will begin to materialize in the earnings reports starting from the first quarter of the fiscal year 2024/2025 and will continue to impact positively through to the second quarter of the fiscal year 2026/2027.
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