Welspun proposes to invest in the$58 million in Saudi Arabia for stakes in pipe manufacturing firms. In their effort to get a better grip over the Middle Eastern market the capacity of the Indian firm will be 2.3 Million Tonnes.

Welspun Director Akhil Jindal "The promoters of Aziz were looking for someone who could run the company. As we have the expertise, we did this tie-up.” Welspun’s increased profits and sales will be seen at the September Quarter. Once all the final preparations are done, Welspun will begin their manufacturing and distributing in the Saudi.

Welspun told TOI on the 5th of April that they invested in a plant in Saudi Arabia which is fully functional and after a few minor repairs the plant wil be open for business.

Welspun, the Indian pipe manufacturer said they propose to buy the majority of the stakes in the Saudi Arabian Company and expand in the Saudi pipe manufacturing and coating facility. Welspun said they were given the green signal by their board to buy majority of the Saudi company, in a letter to the BSE.

Welspun, refused to disclose the name of the Saudi Arabian company they acquired nor were they willing to tell reporters the cost of the transaction.

Gulf Corporation Council region, welcomes Welspun as the newest company to hold majority stake in the Saudi Market to become providers of pipes for oil and gases and water.

Welspun-Gujarat Stahl Rohren was an increase of 2.49% in the BSE closing at Rs 278.05.