Welspun Corp rose 1.5% to a fresh 52 week high of Rs 2,592 on Wednesday after signing an MoU for a pipe manufacturing plant in Jordan.

The agreement is with Perma-Pipe International Holdings, the developers of Jordan’s National Water Carrier Project, and the Government of Jordan.

Together, they plan to set up a joint venture for pipe manufacturing and coating facilities in the country.

Put simply, Welspun brings its large-diameter steel pipe manufacturing to the table, while Perma-Pipe adds anti-corrosion coating technology.

The combined facility is meant to serve water, oil, gas and infrastructure projects, both in Jordan and in nearby markets.

Details such as investment size, ownership split and project timelines have not been finalised yet.

The companies said this will be worked out as technical, financing and regulatory discussions move forward.

Welspun Corp’s Managing Director and CEO, Vipul Mathur, said the Jordan opportunity fits the company’s focus on core products and core geographies, and could open doors in oil and gas, water infrastructure and areas like hydrogen and carbon capture over time.

This isn’t the only recent development for Welspun. On August 26, a Rs 1,433 crore block deal took place in the stock, where the promoter group and Vipul Mathur together sold a 2.4% stake at an average price of Rs 2,275.30.

Entities linked to Capital Group picked up most of that stake. The company’s June quarter numbers were strong too.

Consolidated revenue rose 14.91% year on year to Rs 4,081.12 crore, while net profit surged to Rs 1,047.88 crore, aided partly by a one-time gain from a stake sale.

Its order book stood at Rs 24,750 crore at the end of the quarter.

As of 10:33 am on September 2, Welspun Corp shares were trading at Rs 2,577.90, up 0.95% for the day. The stock has climbed more than 220% since the start of the year.

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