Perma-Pipe Qatar will acquire a 51% stake in Welspun Special Coating Private Limited for INR 51,000, while Welspun Corp will hold the remaining 49%, establishing a joint venture focused on internal fusion-bonded epoxy (IFBE) coating services for steel pipes in India.
Nov 12 2026
Perma-Pipe International Holdings, Inc., through its wholly owned subsidiary Perma-Pipe Qatar, has entered into an agreement to acquire a 51% equity interest in Welspun Special Coating Private Limited (WSCPL), a newly formed Indian company. Welspun Corp Limited will acquire the remaining 49% stake through its subsidiary, Welspun DI Pipes Limited, from which both interests are being transferred.
Under the agreement, Perma-Pipe Qatar will acquire 5,100 equity shares, representing 51% of WSCPL, for INR 51,000, while Welspun Corp will acquire 4,900 shares, representing 49%, for INR 49,000. The Share Purchase Agreement was executed on November 4, 2026.
The joint venture will undertake internal fusion-bonded epoxy (IFBE) coating and related services for steel pipe applications. IFBE is an epoxy-based protective coating applied to the internal surfaces of steel pipes to help prevent corrosion and chemical attack. Its applications include onshore and offshore oil and gas pipelines, slurry transportation, chemical processing, food processing, and underground and underwater water pipelines.
The venture will combine Perma-Pipe’s expertise in corrosion protection with Welspun Corp’s presence in the Indian steel pipe industry. It is intended to establish a platform for serving domestic customers and pursuing export opportunities.
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Commenting on the development, Saleh Sagr, President and CEO of Perma-Pipe, said the joint venture would expand the company’s global coating capabilities, strengthen its presence in strategically important markets and broaden its solutions offering.
The announcement does not disclose the proposed manufacturing investment, coating capacity or commissioning timeline for the joint venture.
