Welspun Corp's associate company gets Rs 1,000 cr contract from Saudi Aramco
Nov 10, 2023
New Delhi [India], November 10 : Welspun Corp's associate company, East Pipes Integrated Company for Industry (EPIC) in Saudi Arabia, has signed a contract for the manufacturing and supply of large-diameter steel pipes with Saudi Aramco for a total value exceeding SAR 440 million (approximately Rs 1,000 crore), which are inclusive of value-added tax.
The financial impact of the contract will be reflected in quarters 2 and 3 in the financial year 2024-25, the Indian multinational manufacturer of large-diameter pipes informed stock exchanges on Friday.
The duration of the contract is 13 months.
Notably, the order is in addition to the announcement made by it on May 22, for the landmark SAR 1.8 billion (approximately Rs 4,000 crore) contract with Aramco.
East Pipes Integrated Company is Saudi Arabia's leading manufacturer of helical submerged arc welded (HSAW) pipes.
Its fully integrated manufacturing facilities enable it to remain well-placed to secure further projects both in the water and oil and gas sectors and continue pioneering in supporting Saudi Arabia's strategic objectives under 'Vision 2030'.
