Welspun Corp edge higher on inking MoU with Saudi Aramco

Welspun Corp jumped 5.97% to Rs 773.25 after the company signed a Memorandum of Understanding (MOU) with Saudi Aramco to establish a state-of-the-art longitudinal submerged arc welding (LSAW) line pipe manufacturing facility in Saudi Arabia.

"We are now pleased to inform you that Saudi Aramco and Welspun Corp signed an MOU of Strategic Cooperation to establish a state-of-the-art LSAW Line Pipe manufacturing capacity in the Kingdom of Saudi Arabia at the ongoing Aramco IKTVA Forum & Exhibition 2025. The production capacity of this plant will be 350,000 MT/Annum," the company said in a regulatory filing.

Welspun Corp's proposed LSAW line pipe manufacturing facility in Dammam 3rd Industrial City, KSA, will support Saudi Aramco's future oil, gas, hydrogen transmission, and CCUS needs. The facility is set to begin operations by mid-2026.

Welspun Corp is primarily engaged in the business of the manufacture and distribution of steel and steel products.

The companys consolidated net profit declined 25.4% to Rs 286.95 crore on an 18.7% drop in net sales to Rs 3,301.83 crore in Q2 FY25 over Q2 FY24.

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