Welspun Corp forms JV with Wasco Energy for Rs. 100 crore plant.

The world's leading steel pipes manufacturer for the oil and gas sector Welspun Corp and the Malaysian sectoral major Wasco Energy today formed a joint venture to set up a concrete weight coating (CWC) plant at Anjar in Gujarat at an investment of Rs. 95 crore.

The company hopes to commission the proposed joint venture -- Welspun Wasco Pipes Coatings -- by March and hopes to cash in on the large government-driven pipeline orders that will be up for the grabs over the next two years, Welspun Corp Managing Director Braja Mishra and Wasco Energy chief executive Giancarlo Maccagno told PTI in a concall.

When asked about the market potential for this sector, Mishra said currently Jindal Saw is only manufacture of CWC pipes after the OP Jindal Group company had bought over PSL recently. Therefore, with the government announcing public investments into 15,000-km of oil and gas pipelines over the next two years, there is no dearth of market for his highly efficient pipes.

ET