Welspun Corp, formerly Welspun-Gujarat Stahl Rohren, is likely to acquire majority stake in Aziz European Pipe Factory Llc, a
Saudi Arabian pipe and pipe coating facility for an undisclosed amount.
The acquisition is to be done though the company's
subsidiaries, and is subject to the regulatory approvals.
Aziz European Pipe manufactures pipes primarily for the oil & gas industry. Aziz European Pipe
Factory is a JV between the Saudi firm Aziz and the Forest Group. It has a production capacity of 2.7 lakh million tonne per annum of pipes.