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Welspun Corp rebounds over 10% on JV with Wasco Energy

The stock was trading higher by 2.8% at Rs 107, bouncing back nearly 13% from its intra-day low of Rs 95 on the BSE.

SI Reporter  |  Mumbai 

Shares of are trading higher by 2.8% at Rs 107, bouncing back nearly 13% from its intra-day low of Rs 95 on the BSE, after the company has entered into a (JV) with to set up a concrete weight coating (CWC) plant at Anjar, Gujarat.

Welspun Corp, one of the largest large diameter steel pipe manufacturers in the world, will hold 51% and will hold 49% in the company, the company said in release.

The capital expenditure for the project forms a part of FY15-16 planned capex of around Rs 200 crore, it added.

This venture will augment WCL’s offering to the market duly supported by Wasco’s strong credentials in concrete weight coating business globally.

The will provide WCL with the strategic advantage of becoming a one-stop solution for Steel Pipe Coating requirements to service all offshore requirements for the Oil & Gas industry. The will help both companies to reduce the time to market, whilst maintaining the technical excellence that Welspun is renowned for.

The stock hit a high of Rs 110  and has seen a combined 714,244 shares changed hands on the counter on the BSE and NSE.
 

First Published: Tue, August 25 2015. 13:10 IST
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