Welspun Corp's Associate EPIC Lands Rs 3,670 Crore Deal with Aramco

Welspun Corp Ltd's associate entity, EPIC, has secured contracts worth SAR 1.65 billion (approx. Rs 3,670 crore) with Saudi Arabian Oil Co. (Aramco) for steel pipe supply. The agreements, spanning 19 months, will financially impact from Q4 FY24-25 to Q4 FY25-26. EPIC is a leading HSAW pipe manufacturer in Saudi Arabia.

In a significant development, Welspun Corp Ltd announced on Monday that its associate entity, East Pipes Integrated Company for Industry (EPIC), has entered into multiple agreements with Saudi Arabian Oil Co. (Aramco) valued at SAR 1.65 billion (approximately Rs 3,670 crore).

These contracts, which span a period of 19 months, are expected to impact the company's financials from the fourth quarter of the fiscal year 2024-25 to the final quarter of 2025-26, according to a statement from Welspun Corp in an exchange filing.

Welspun highlighted that EPIC, a prominent manufacturer of Helical Submerged Arc Welded (HSAW) pipes in Saudi Arabia, will manufacture and supply the steel pipes as part of this deal, which includes value-added tax.