Welspun Corporation share price rises 5% as it signs MOU with Saudi Aramco to set up LSAW line pipe manufacturing unit

Stock Market Today: Welspun Corporation share price gained mor than 5% in the morning trades on Wednesday. The company has signed MOU with Saudi Aramco to set up LSAW line pipe manufacturing facility

The Welspun Corporation share price opened at ₹749.50 on the BSE on Wednesday , 2.7% higher compared to previous close of ₹729.70. Welspun Corporation share price therafter gained to highs of ₹775.15, which meant gaines of more than 6%

Welspun Corporation post market hours on Tuesday announced that it has signed MOU with Saudi Aramco to set up LSAW line manufacturing facility .

In its intimation to the exchages on a company update regarding Signing of MOU for Setting up of the 350 KMTPA Greenfield LSAW pipe facility in Kingdom of Saudi Arabia, Welspun Corporation said that “We are now pleased to inform you that Saudi Aramco and Welspun Corp Ltd. 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 per Annum”

Welspun Corporation on 8 November 2024 had intimated exchanges approval of the Board for setting up of the 350 KMTPA greenfield LSAW pipe facility in Kingdom of Saudi Arabia under the wholly-owned subsidiary of the Company.

Welspun Corporation is one of the key line pipe manufacturer globally and has been a regular supplier of line pipes to Saudi Aramco for close to two decades and has been a part of many prestigious oil & gas pipeline projects in the Kingdom of Saudi Arabia.

Welspun Corporation's proposed LSAW line pipe manufacturing facility in Saudi Arabia will have unique and extensive capabilities to meet Saudi Aramco's future line pipe needs, including those related to oil, gas, hydrogen transmission, and CCUS advancements. By mid-2026, the aforementioned plant, which is situated in Dammam 3rd Industrial City, will become operational.

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