Man Industries (India) has completed the acquisition of a 100% equity stake in National Pipe Company Limited (NPC), a prominent pipe manufacturer in the Kingdom of Saudi Arabia, for approximately USD 102 million (₹1,000 crore). This strategic acquisition was executed through Man International Steel Industries Company (MISIC), a wholly owned subsidiary of Man Industries, as part of its international expansion strategy.
NPC is recognised as a leading manufacturer of Helically Submerged Arc Welded (HSAW) and Longitudinal Submerged Arc Welded (LSAW) pipes, catering to sectors such as oil and gas pipelines, water transmission, infrastructure, and industrial projects. The company boasts a robust clientele, including industry giants like Saudi Aramco, Saudi Water Authority, and Qatar Petroleum, among others. With a manufacturing capacity of approximately 430,000 MT per annum, NPC is well-positioned to support the growing demand for pipe solutions in the region.
The acquisition aligns with Man Industries’ strategy to bolster its global footprint in the pipe manufacturing industry, providing access to significant infrastructure, energy, desalination, and industrial opportunities in Saudi Arabia. Moreover, it is expected to enhance the company’s operations in the Middle East and other international markets.
NPC, a financially stable and debt-free organisation, maintains a healthy order book with ongoing contracts from reputable customers. The company also possesses all necessary industry approvals and qualifications to execute projects for key regional and international clients, ensuring a seamless integration into Man Industries’ operations.
The acquisition was completed following the fulfilment of customary conditions precedent and receipt of all necessary regulatory approvals in Saudi Arabia. The transaction was conducted entirely in cash, with MISIC acquiring full control over NPC.
This acquisition marks a significant milestone for Man Industries, reinforcing its commitment to expanding its international presence and capitalising on growth opportunities in the global pipe manufacturing sector.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).