Welspun Corp Ltd to create Pipe and Steel verticals

Welspun Corp Ltd. (WCL) - a flagship company of the Welspun Group, is amongst the leading welded line pipe manufacturing companies in the world. Recently the company has initiated its foray in Ductile Iron Pipes business by setting up of a greenfield plant in Anjar. The Board has also approved proposed demerger of Welspun Steel Ltd's Steel undertaking with WCL, thus heralding its entry in Steel TMT bars and in Seamless Stainless Steel Pipes.

In view of the above growth plans and to bring a sharp focus, the company has decided to create 2 independent verticals - pipe & steel.

Steel Vertical: This will comprise of company's DI business through its subsidiaries WML and WDI. Along with that, the TMT bars would become part of the "Steel Vertical".

Pipe Vertical: The global pipe operations have now converged into a "Pipe Vertical" which would be headed by a Chief Executive Officer (CEO - Pipe Vertical). This position will be accountable for end-to-end Marketing, Operations, Supply Chain, Finance, Commercial and HR functions of the pipe business across all geographies including USA and also represent the interests in Saudi JV (through Ex-Com).

The company has announced the elevation of Mr. Godfrey John, Director and Business Unit Head (India, APAC and EMENA) as the Chief Executive Officer (CEO - Pipe Vertical) for our global pipe operations, with immediate effect. Godfrey is a Science graduate with honors from Aligarh Muslim University and has a MBA degree in Marketing and Advertising from the same University. Godfrey has been associated with WCL for a period of over 21 years and has an overall industry experience of 33 plus years. He has handled several key leadership roles in the areas of Global Marketing, Supply Chain, and Operations. In his new role, Godfrey will continue to report to Mr. Vipul Mathur - MD and CEO of WCL.

Shares of Welspun Corp Limited was last trading in BSE at Rs. 138.4 as compared to the previous close of Rs. 142.8. The total number of shares traded during the day was 149220 in over 3579 trades.

The stock hit an intraday high of Rs. 144.4 and intraday low of 136.7. The net turnover during the day was Rs. 20907797.

Source : Equity Bulls

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