Welspun Corp secures significant 'carbon capture pipeline project' in the US; stock spurts ~4%

19 Sep 2022 , 09:16 AM

Welspun Corp Limited bagged a carbon capture pipeline project in the United States.

This order is for 785 miles (1,256 kilometres) or 100,000 MT (roughly) of high-frequency induction welding (HFIW) pipes to be utilised in the transportation of collected carbon dioxide.

The pipes for this order will be manufactured in the company’s Little Rock factory in the United States and delivered in the fiscal year 2023-24.

“This major strategic order illustrates our strong culture of technical excellence and the confidence clients have in our ability to execute large-scale projects, both in terms of producing exquisite quality and timely delivery,” stated the company in its regulatory filing.

Welspun’s Helical Submerged Arc Welded (HSAW) and High-Frequency Induction Welding (HFIW) plants are the leading facilities in the North American market due to their solid supply track record.

This project would not only significantly contribute to reducing CO2 emissions in the environment, but it would also be a significant step forward for the company to strategically meet its environmental, social, and governance (ESG) goals, as emphasized toward a cleaner and greener planet.

At around 9.18 AM, Welspun Corp was trading at Rs257.95 up by 3.84% from its previous closing of Rs248.40 on the BSE.

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