Welspun Corp on Monday said that its associate company East Pipes Integrated Company for Industry (EPIC), Saudi Arabia’s manufacturer of HSAW pipes, announced multi contracts sign off with Saudi Arabian Oil Co (Aramco).
The value of the order, it added, exceeded SAR 1.65 Billion (approx. Rs 3,670 crore) inclusive of value added tax for manufacturing and supply of steel pipes. The duration of the contracts is 19 months.
“The financial impact of the contracts will be reflected from the 4th quarter of financial year 2024-25 to 4th quarter of financial year 2025-26,” the company said in a regulatory filing.
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EPIC is Saudi Arabia’s leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes. Its fully integrated manufacturing facilities, track record of execution of mega orders, quality and customer focused approach enables it to remain well-placed to secure further projects both in the water and oil & gas sector.
Earlier in April, Welspun Corp had received a letter of award (LOA) for export of line pipes from India. The contract, it had added, is for the supply of LSAW pipes, coating and bends in Latin America.
From: financialexpress
Financial News
