Mergers & Acquisitions ·
Perma-Pipe acquires 51% stake in Indian IFBE coating JV for INR 51,000
PPIHPerma-Pipe International Holdings, Inc.
Perma-Pipe International Holdings' subsidiary, Perma-Pipe QA, entered into a Share Purchase Agreement to acquire a 51% equity interest in Welspun Special Coating Private Limited, a newly formed joint venture with Welspun Corp. The transaction values the stake at INR 51,000, while Welspun Corp acquires the remaining 49%. The JV will provide internal fusion-bonded epoxy coating services for steel pipes in India. Closing is expected within five days of receiving valuation certificates and resolutions. Perma-Pipe International Holdings, Inc. provides engineered piping systems and corrosion protection solutions to global energy and infrastructure markets.