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Indian steel pipes maker Welspun Corp said on 22 March,
2024, its associate firm, East Pipes
Integrated Company for Industry, and Saudi Arabia's Aramco have mutually
terminated a contract worth 3.39 billion rupees ($40.6 million).
Welspun's unit had bagged the contract for manufacturing and
supply of steel pipes for a duration of eight months in January.
The deal represented 3 per cent of the total value of
contracts announced by Aramco for Welspun in the financial year 2023-24, which
amounts to about 98 billion rupees.
Welspun did not disclose the reason for the cancellation of
the contract, but said it would not affect its operating plans.
The company had in February posted a more than twelve-fold
jump in its third-quarter consolidated profit, including earnings from its
units, helped by strong demand for its pipes across sectors.
Welspun's unit had bagged the contract for manufacturing and supply of steel pipes for a duration of eight months in January
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INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
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