India-based Welspun Corp’s board of directors has approved an investment of $100 million to be spent through a wholly-owned subsidiary to upgrade its high-frequency induction welding steel manufacturing and coating capabilities at its US facility, a company said in a regulatory filing on Wednesday, September 4.
The investment through its subsidiary Welspun Pipes Inc. will be spread over 18 months and will be financed through local debt and internal accruals. The upgrade aims to enhance Welspun Pipes’ product portfolio by incorporating larger pipe sizes up to 24 inches in outside diameter and 0.750 inches in wall thickness, at its facility in Little Rock, Arkansas, US.
The move will bolster Welspun’s leadership position in the US oil and gas segment, strengthening its presence in the oil, liquids, gas and distribution markets. The upgraded facilities will enable the company to tap into the growing hydrogen and carbon capture applications market in North America, the company said in its statement.
