Welspun Corp Limited signed a Memorandum of Understanding (MOU) on September 1, 2026, to establish a joint venture with Perma-Pipe International Holdings, Inc. for integrated pipe manufacturing and coating facilities in Jordan.

Partnership details

The collaboration aims to create a regional manufacturing hub supporting the National Water Carrier Project and broader infrastructure needs in the Levant. Welspun will contribute large-diameter steel pipe manufacturing capabilities, while Perma-Pipe provides anti-corrosion coating systems and engineered piping solutions.

The parties are currently engaged in discussions regarding technical specifications, commercial terms, financing, and regulatory approvals. Definitive agreements, including investment amounts, ownership structure, and project timelines, will be announced as the process advances.

Strategic context

The joint venture is positioned to serve major water, oil and gas, energy, and infrastructure projects in Jordan and surrounding markets. The facility is intended to support the Kingdom’s National Water Carrier Project, which involves transporting desalinated water from the Gulf of Aqaba across Jordan.

Vipul Mathur, Managing Director and Chief Executive Officer of Welspun Corp Limited, stated that the investment aligns with the company’s strategy of expanding its global manufacturing footprint in core geographies. He noted that the combination of Welspun’s manufacturing expertise and Perma-Pipe’s coating capabilities creates a differentiated offering for regional infrastructure development.

Saleh Sagr, President and Chief Executive Officer of Perma-Pipe, highlighted Jordan’s geographic position as a gateway to Levant markets. He emphasized that the partnership strengthens supply-chain resilience and provides localized manufacturing solutions for customers in the region.

H.E. Eng. Raed Abu Soud, Minister of Water and Irrigation of the Hashemite Kingdom of Jordan, welcomed the investment as a step toward strengthening national manufacturing capabilities and water security.

Welspun Corp incorporated Welspun Slagexcel Private Limited (WSPL) on August 31, 2026, taking a 26% stake in the new entity. WSPL will manufacture Ground Granulated Blast Furnace Slag (GGBS).

The Ministry of Corporate Affairs issued the Certificate of Incorporation for WSPL, which operates as an associate company of Welspun Corp. This development follows a disclosure made by the company on July 24, 2026, regarding the proposed incorporation with Slagexcel Private Limited, the holding company.

Capital Structure

WSPL was incorporated with an initial paid-up share capital of ₹1,00,000, comprising 10,000 equity shares of ₹10 each. Welspun Corp subscribed to 2,600 equity shares, aggregating to ₹26,000.

Operational Focus

WSPL is set to manufacture GGBS through the Slag Granulation Process. The company confirmed that upon incorporation, WSPL became an associate company of Welspun Corp. The filing was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.