Perma-Pipe International Holdings, Inc. announced on November 4, 2026, that its subsidiary, Perma-Pipe QA, has entered into a Share Purchase Agreement to acquire a majority stake in a newly formed Indian company. The transaction involves Perma-Pipe QA purchasing 5,100 equity shares, representing 51% of the issued share capital, from Welspun DI Pipes Limited. The remaining 49% interest will be acquired by Welspun Corp Limited. The newly formed entity, Welspun Special Coating Private Limited, will focus on internal fusion-bonded epoxy (IFBE) coating services for steel pipes.
The agreement stipulates that Perma-Pipe QA will pay INR 51,000 for its 51% stake, while Welspun Corp will pay INR 49,000 for the remaining 49%. The closing of the transaction is contingent upon the delivery of valuation certificates and transaction authorizing resolutions, with the deal expected to close within five days of receiving the final required documents. The Purchase Agreement also outlines the appointment of Perma-Pipe nominees to the joint venture’s board, the resignation of a current director, and an increase in the board size to five members.
Perma-Pipe CEO Saleh Sagr stated that the joint venture aims to expand the company’s global coating capabilities and strengthen its presence in the Indian market. The IFBE coating technology is intended to protect steel pipes against corrosion and chemical attack in applications including oil and gas pipelines, water transmission, and chemical processing facilities.
