Business News | Welspun Corp Secures $412.5 Million HFIW Pipe Order, Global Order Book Hits Record $4.7 Billion
Get latest articles and stories on Business at LatestLY. Welspun Corp has secured a USD 412.5 million (around Rs 4,000 crore) order for High-Frequency Induction Welded (HFIW) pipes from its US subsidiary, taking its global order book to a record USD 4.7 billion (around Rs 45,000 crore), the company said in an exchange filing on Friday.
Mumbai (Maharashtra) [India], September 25 (ANI): Welspun Corp has secured a USD 412.5 million (around Rs 4,000 crore) order for High-Frequency Induction Welded (HFIW) pipes from its US subsidiary, taking its global order book to a record USD 4.7 billion (around Rs 45,000 crore), the company said in an exchange filing on Friday.
The order, described by the company as the largest in the history of Welspun Tubular LLC in terms of volume, length and value, will be executed during FY28 and FY29. The pipes will be manufactured at the newly upgraded HFIW mill at Little Rock, USA, which has enhanced capabilities.
Also Read | Abhijeet Dipke Warns of Nationwide CJP Protests Starting October 2 if CEC Gyanesh Kumar Fails To Resign.
The latest win comes after Welspun Corp disclosed a USD 1.8 billion (around Rs 17,200 crore) single order in August, also to be supplied from its US manufacturing facility. The order was also scheduled for execution in FY28 and FY29.
At the time, the company said the USD 1.8 billion order had taken its global order book to USD 4.4 billion (around Rs 42,100 crore).
With the latest order, the order book has increased further to USD 4.7 billion, according to Friday's filing. The latest contract reinforces the company’s strategy of expanding global manufacturing capacity and deepening relationships with international clients.
“This order underscores the scale, quality and execution capability of the Company's operations, and reinforces its long-term strategy of expanding global manufacturing capacity and deepening relationships with marquee international clients,” the filing said.
The execution timeline for both the August order and the latest contract extends into FY29, giving the company a sizeable pipeline of work over the next two financial years. The latest order will be supplied from the upgraded Little Rock facility, linking the new contract to the company's ongoing expansion of manufacturing capabilities in the US.
The latest filing does not disclose the customer, pipe volumes or the expected revenue-recognition schedule for the USD 412.5 million order. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)