Welspun Corp conducts groundbreaking ceremony for expansion at its Little Rock facility in USA

Welspun Tubular LLC, a step-down subsidiary of Welspun Corp Ltd, today conducted the groundbreaking ceremony for the expansion of its HFIW pipe manufacturing facility in Little Rock, Arkansas, USA. This expansion represents a $100 million investment announced on September 02, 2024, to expand and upgrade the company's line pipe portfolio in the United States. Welspun Corp Ltd is one of top three manufacturers of large diameter line pipes globally. The expansion is expected to add an additional 175 jobs at its plant in Little Rock. The upgrade is expected to be completed by March 2026.

Company executives, including Welspun World Chairman Mr B.K. Goenka, and Welspun Corp Managing Director Mr Vipul Mathur, joined state officials and local leaders for a groundbreaking ceremony for the expansion.

Speaking about this key milestone, Mr BK Goenka, Chairman, Welspun World said, "We are glad to be in Little Rock to announce the expansion of our plant here which we set up back in 2007, and have successfully maintained a relationship with Arkansas region and its people. This capacity expansion will not just benefit our ongoing operations and cater to Welspun's ethos of customer centricity, but also add to the job market to aid the local population residing here."

"The Port of Little Rock is quickly becoming the center of economic development for our region - and today's groundbreaking is only going to continue that," said Sarah Huckabee Sanders, Governor of Arkansas. "I applaud the team that landed this announcement and will continue my administration's work to make Arkansas a low-tax, pro-business state that welcomes companies like Welspun Tubular with open arms." This enhancement of the product portfolio involves inclusion of pipe sizes upto 24-inch outer diameter (OD) and 0.75-inch wall thickness with grades upto X80 to reach a total production capacity of 350 KMTPA for HFIW pipes at Little Rock.

Welspun Corp established its manufacturing presence in Arkansas in 2007. Since that time, Welspun has expanded at the Port of Little Rock multiple times, investing over $300 million in its Arkansas facility.

Shares of Welspun Corp Limited was last trading in BSE at Rs. 789.00 as compared to the previous close of Rs. 794.85. The total number of shares traded during the day was 19352 in over 774 trades.

The stock hit an intraday high of Rs. 794.95 and intraday low of 774.80. The net turnover during the day was Rs. 15212715.00.

Source : Equity Bulls

Keywords

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