Perma-Pipe to Take 51% of Welspun IFBE Coating JV

The Tip Desk · November 11, 2026 · 3 min read

A Qatar subsidiary will buy a controlling stake in a newly formed Indian unit so the piping group can add internal fusion-bonded epoxy coating and a local platform for India and export work.

Perma-Pipe International Holdings, Inc. (PPIH), a global provider of engineered piping and corrosion-protection solutions, said its Qatar subsidiary agreed to acquire a 51% equity interest in Welspun Special Coating Private Limited, a newly formed company that will provide internal fusion-bonded epoxy coating and related services in India.

Perma-Pipe Qatar will buy 5,100 shares, representing 51% of the venture’s issued, subscribed and paid-up capital on a fully diluted basis, for cash consideration of INR 51,000, less applicable withholding taxes. Welspun Corp Limited will take the remaining 4,900 shares, or 49%, for INR 49,000, less withholding taxes. Both interests are being purchased from Welspun DI Pipes Limited, a wholly owned subsidiary of Welspun Corp.

The deal is structured as a majority-owned joint venture rather than a full acquisition. The resulting company is intended to add IFBE coating to Perma-Pipe’s service offering and to establish a platform for domestic and export opportunities in the Indian market. IFBE is an epoxy-based protective system applied to the internal surfaces of steel pipes to help protect against corrosion and chemical attack, used in onshore and offshore oil and gas pipelines, slurry transportation, chemical processing, food processing, and underground and underwater water pipelines.

The transaction will be implemented through a Share Purchase Agreement among Perma-Pipe Qatar, Welspun Corp, the new company and Welspun DI Pipes, together with a Shareholders’ Agreement governing the joint venture. Welspun Corp’s board approved the sale and transfer of Welspun DI Pipes’ shareholding in the agreed proportions and the execution of the purchase agreement.

Saleh Sagr, President and Chief Executive Officer of Perma-Pipe, commented: “This joint venture represents another important step in expanding Perma-Pipe’s global coating capabilities and strengthening our presence in strategically important markets. By combining our technical expertise in advanced corrosion protection with a focused local operating platform, we aim to enhance our ability to serve customers across India and international markets. We believe the addition of IFBE coating capabilities will strengthen our competitive position, broaden our solutions offering and create new opportunities for sustainable, long-term growth.”

The purchase agreement requires delivery of valuation certificates and transaction authorizing resolutions within five days of the November 4, 2026 execution date, and closing within five days after receipt of the last required document. It terminates automatically if closing does not occur within ten days of execution unless the parties extend the date.

Governance terms include the appointment, subject to shareholder approval, of Sagr and Paras Devidas Karani as Perma-Pipe Qatar’s nominees to the venture’s board, the resignation of Ketan Hasmukhlal Patel as a director, an increase in board size to five directors, and amendments to the company’s articles to incorporate the shareholders’ agreement.

Perma-Pipe said it operates manufacturing and service facilities across North America, the Middle East, North Africa, India and other markets. The company provides pre-insulated piping systems, leak detection systems, anti-corrosion coatings and related engineered products to customers in energy, district energy, infrastructure, industrial, oil and gas, water transmission and other critical infrastructure markets.