Perma-Pipe buys 51% of new Welspun India coating JV for INR 51,000; Welspun Corp holds 49%

Perma-Pipe International Holdings, Inc.

Perma-Pipe Qatar, a PPIH wholly owned subsidiary, agreed Nov 4, 2026 to buy 5,100 shares (51%) of Welspun Special Coating Private Limited for INR 51,000 cash; Welspun Corp pays INR 49,000 for 49%.
Target WSCPL is newly formed to provide internal fusion-bonded epoxy (IFBE) coating for steel pipe in India, adding IFBE to Perma-Pipe's service offering and an export platform.
Closing due within five days of the last required document (valuation certificates, authorizing resolutions); deal auto-terminates if not closed within 10 days of the Nov 4 execution date.
Board to expand to five directors, with Perma-Pipe nominees Saleh Sagr and Paras Devidas Karani; Ketan Hasmukhlal Patel resigns; articles amended for a shareholders' agreement with Welspun.
CEO Saleh Sagr said the JV expands Perma-Pipe's global coating capabilities and presence in strategically important markets such as India.

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