In its latest pronouncement, Welspun Corp disclosed that its accessory company, East Pipes Integrated Company for Industry (EPIC), has secured a lucrative contract worth roughly Rs 512 crore. The contract involves manufacturing and supply of steel pipes, signed with the Saline Water Conversion Corporation (SWCC).
In a regulatory filing, Welspun Corp stated, “EPIC, Saudi Arabia’s leading manufacturer of HSAW Pipes, today announced contract sign off with SWCC, with a value exceeding SAR 230 million (Approx. Rs 512 crore) for manufacturing and supply of steel pipes. The duration of the contract is 30 months.”
The impact of this agreement on the company’s finances is likely to extend from the first quarter of the fiscal year 2024-25 until the third quarter of fiscal year 2026-27.
EPIC is the leading supplier of Helical Submerged Arc Welded (HSAW) pipes in Saudi Arabia. With fully integrated manufacturing facilities and successful track records for delivering large-scale orders they are well placed to look forward to winning further assignments in both sectors of Water and Oil & Gas.
