Shares of Welspun Corp surged as much as 5.5 percent on Tuesday as the company announced that it had acquired the entire share capital of Nauyaan Shipyard Private Ltd. The company deals with shipbuilding, shippers, ship-owners, repairers, re-fitters, fabricators etc.
The company said in an exchange filing that the acquisition had been completed at a value consideration of Rs 1 lakh to make it a wholly owned subsidiary and a special purpose vehicle for investment in the field of Marine Fabrication.
The stock of Welspun Corp was trading 2.8 percent at Rs 274.6 on BSE at 12:08 am.
Welspun, earlier in June, had announced that the company was continuously evaluating suitable opportunities for both organic and inorganic expansions, which have synergies with our business and mentioned the new business areas that were being evaluated, which among others, included Marine Fabrication.
Welspun said in the exchange filing that Nauyaan Shipyard has no material assets or liabilities.
The company had also bagged an order for a supply of 1,256 km or 100,000 MT (approximately) of high-frequency induction welding pipes for a carbon capture pipeline project in the United States a day earlier.
"The pipes for this order will be produced from our Little Rock plant in the US, and the same will be executed in FY23‐24," the company had said in an exchange filing. Companies like Chevron, DOW, Exxon Mobil, GAIL, and Qatar Petroleum feature among Welspun Corp's clientele.
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