Pipe manufacturer Welspun-Gujarat Stahl Rohren today said it will acquire majority stake in Saudi Arab-based pipe facility and a pipe coating facility.
The company through its subsidiary would acquire a majority stake in Saudi Arab firm, of which the board has given their approval in a meeting held today, Welspun-Gujarat Stahl Rohren said in a filing to the Bombay Stock Exchange.
However, the company has not disclosed the name of the acquired company and the financial details of the transaction. This investment would be subjected to necessary regulatory approvals, the filing added.
Welspun would also hold majority stake in the recently commissioned pipe coating facility thus enabling to provide complete solution to oil and gas majors and water companies in the Gulf Corporation Council region, the filing added.
Shares of Welspun-Gujarat Stahl Rohren were trading at Rs 278.05 on the BSE, up 2.49 per cent from previous close.
