2026 multibagger Welspun Corp shares in focus after signing MoU for pipe manufacturing in Jordan

Shares of Welspun Corp will be in focus on Wednesday after the company said it had signed a memorandum of understanding (MoU) with Perma-Pipe International Holdings Inc., the developers of Jordan’s National Water Carrier Project, and the Government of the Hashemite Kingdom of Jordan to explore setting up pipe manufacturing and advanced coating facilities in the country.

Welspun Corp shares are up 220% year to date.

As part of the partnership, Welspun Corp and Perma-Pipe plan to form a joint venture to develop and operate an integrated pipe manufacturing and coating platform in Jordan. The facility is expected to serve water, oil and gas, energy and infrastructure projects in Jordan and neighbouring regional markets.


The platform would combine Welspun Corp’s large-diameter steel pipe manufacturing capabilities with Perma-Pipe’s expertise in anti-corrosion coating systems, engineered piping solutions and project execution.

The companies, along with the project developers, are currently working through the technical, commercial, financing and regulatory aspects of the project, including facility design, manufacturing capacity, coating technologies, market requirements and regulatory approvals.

The companies will disclose details on the proposed investment, ownership structure, manufacturing capacity and project timeline as the initiative progresses and definitive agreements are finalised.

The facility is also envisaged as a regional manufacturing hub that could help strengthen supply chains and support infrastructure development across the Middle East. Over time, the platform could cater to reconstruction and infrastructure needs in Syria, Lebanon, Iraq and Gaza, along with potential opportunities linked to regional oil and gas infrastructure connected to the Port of Aqaba.

Welspun Corp Managing Director and CEO Vipul Mathur said the proposed partnership is in line with the company’s strategy of investing in its core products and geographies. He said Jordan could offer long-term opportunities across onshore and offshore oil and gas, water infrastructure, reconstruction projects and emerging areas such as hydrogen and carbon capture, utilisation and storage.

Perma-Pipe CEO Saleh Sagr said Jordan’s geographical location could make it a manufacturing base and gateway to markets across the Levant and the broader Middle East.

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