Welspun Corp, an Indian steel pipes manufacturer, announced on Friday the termination of a contract valued at 3.39 billion rupees ($40.6 million) between its associate firm, East Pipes Integrated Company for Industry, and Saudi Arabia's oil giant, Aramco.
The contract, awarded in January for the manufacturing and supply of steel pipes over an eight-month period, represented 3% of the total contracts secured by Welspun from Aramco in the financial year 2023-24, totaling around 98 billion rupees.
While Welspun did not provide a specific reason for the contract termination, it assured that it would not impact its operational plans. Despite this development, Welspun reported a significant increase in its third-quarter consolidated profit in February, attributed to robust demand for its pipes across various sectors.
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