Welspun takes management control of MSK Projects
17 Aug 2010
Welspun Corp Ltd, the flagship of the $3 billion Welspun Group, today announced the completion of its acquisition of management control of MSK Projects (India) Ltd.
Welspun made the acquisition through Welspun Infratech Ltd, a subsidiary of Welspun Corp, which bought 61.12 per cent stake in the company, according to a filing with the Bombay Stock Exchange (BSE).
Welspun said it has since reconstituted the board of MSK Projects under the chairmanship of B K Goenka.
With MSK Projects in company, Welspun said, it is planning to enter the infrastructure sector in the country in a big way. (See: Welspun to acquire stake in MSK Projects)
"Welspun sees great potential in the $500 billion infrastructure sector in India. MSK Projects has rich experience working with some of the largest PSUs, making this acquisition an important milestone for Welspun. This move will enable Welspun to progress towards complete integration by being a one-stop solution in the linepipe segment, capturing the full value chain from manufacturing of plate and coil to line pipe and finally to pipe laying."
Welspun Corp Ltd, which started operations as Welspun Gujarat Stahl Rohron Ltd in 1995, has since supplied pies to some of the major projects like the world's deepest project in the Gulf of Mexico in the US as also the heaviest pipeline project in the Persian Gulf, the highest pipeline project in Peru as also the longest pipeline project from Canada to the US.
