Sagr combining technical expertise in advanced corrosion protection with local operating platform
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH), a global leader in engineered piping and corrosion protection solutions from the Woodlands, Texas, will provide internal fusion-bonded epoxy (IFBE) coating and related services in India through an acquisition in a Welspun Corp Ltd’s newly formed company.
PPIH subsidiary Perma-Pipe Qatar has agreed to acquire a 51% equity interest in Welspun Special Coating Private Limited (WSCPL), a newly formed company The interest is being acquired from Welspun DI Pipes Limited (WDI), a wholly owned subsidiary of Welspun Corp Limited (WCL). WCL will also acquire the remaining 49% from WDI. The resulting joint venture adds IFBE coating to Perma-Pipe’s service offering and establishes a platform to pursue domestic and export opportunities in the Indian market.
Commenting on the Indian market plan on 3 Nov, Perma-Pipe President and Chief Executive Officer Saleh Sagr, said, “This joint venture represents another important step in expanding Perma-Pipe’s global coating capabilities and strengthening our presence in strategically important markets. By combining our technical expertise in advanced corrosion protection with a focused local operating platform, we aim to enhance our ability to serve customers across India and international markets. We believe the addition of IFBE coating capabilities will strengthen our competitive position, broaden our solutions offering and create new opportunities for sustainable, long-term growth.”
IFBE coating is an epoxy-based protective system applied to the internal surfaces of steel pipes to help protect against corrosion and chemical attack. It is used in a range of demanding applications, including onshore and offshore oil and gas pipelines, slurry transportation systems, chemical processing facilities, food processing applications, and underground and underwater water pipelines.
The transaction will be implemented through a Share Purchase Agreement between Perma-Pipe Qatar, WCL, WSCPL and WDI, together with a Shareholders’ Agreement between Perma-Pipe Qatar and WCL governing the joint venture. WCL’s Board of Directors has approved the sale and transfer of WDI shareholding in WSCPL in the agreed proportions and the execution of the Share Purchase Agreement.
Perma-Pipe International provides pre-insulated piping systems, leak detection systems, anti-corrosion coatings and related engineered products and services to customers across the energy, district energy, infrastructure, industrial, Oil & Gas, water transmission, and other critical infrastructure markets.
Perma-Pipe operates manufacturing and service facilities across North America, Middle East, North Africa, India and other strategic markets, enabling the Company to serve customers globally while providing local manufacturing and engineering capabilities. For more information, visit www.permapipe.com. Fiinews.com
