Promoters were the likely sellers of a 4.6 per cent stake in Welspun Living, according to reports
Welspun's fortunes have gotten a boost from not only the growing demand for fuel in India but also from key export markets of the US and Middle East
Welspun Enterprises on Thursday said it has reported an 18.2 per rise in consolidated profit to Rs 109.73 crore for the quarter ended June 2024. The company had posted a consolidated profit of Rs 92.80 crore in the year-ago period, according to a regulatory filing. The total income of the company in the April-June period increased to Rs 959.76 crore, over Rs 750.04 crore in the year-ago period. Welspun Enterprises Ltd is one of the country's leading infrastructure developers with a diversified portfolio of projects in the infrastructure and energy sectors.
Home textiles major Welspun Living Ltd on Wednesday reported a 14.3 per cent increase in consolidated net profit to Rs 185.95 crore in the June 2024 quarter. The company posted a consolidated net profit of Rs 162.73 crore in the quarter last fiscal, Welspun Living said in a regulatory filing. Consolidated revenue from operations stood at Rs 2,536.49 crore compared to Rs 2,184.05 crore in the year-ago period, it added. Total expenses in the first quarter were higher at Rs 2,335.11 crore against Rs 1,998.65 crore in the corresponding period a year ago, the company said. Welspun Living said its board of directors at its meeting held on July 24, 2024, has approved a buyback proposal for purchase of over 1.26 crore paid equity shares of Re 1 each at a price of Rs 220 per share for an aggregate amount of not exceeding Rs 278.44 crore. "The domestic consumer business has shown resilience in the face of challenging demand scenario in the Indian retail market and continued to be the leadi
Welspun One has raised Rs 2,275 crore from investors for its second fund and would use the capital to develop warehousing properties. Welspun One, an integrated fund and development management platform, on Monday announced the successful closure of its second fund totalling Rs 2,275 crores, inclusive of co-investment commitments. This marks the largest domestic fundraise in this space, the company claimed. The capital was sourced from a diverse pool of about 800 Limited Partners (LPs) or investors, including high-net-worth and ultra-high-net-worth individuals, family offices, corporates, and domestic institutions. Welspun One's second fund has already committed nearly 40 per cent of its investible capital across four investments. It expects to commit the remaining capital over the next 3-4 quarters. This will add 8 million square feet to Welspun One's existing portfolio of 10 million square feet, taking their aggregate portfolio to around 18 million square feet, entailing a total
Share of Welspun Living's retail and emerging businesses, including flooring and advanced textiles, in its total revenue is also expected to go up by FY27
The Welspun Group on Friday announced a plan to invest over Rs 500 crore in plastics business in Jammu and Kashmir, a top official said. Speaking to PTI, the group's chairman B K Goenka said it will invest over Rs 40,000 crore for multiple projects including the new bets of green hydrogen and green ammonia. The Memorandum of Understanding (MoU) for the investment in J&K was signed in the presence of Lieutenant Governor Manoj Sinha on the sidelines of the tenth Vibrant Gujarat Global Summit here. "We've signed an MoU to invest Rs 500 crore plus in our plastic activities, under the brand name of Sintex, whether it is water tanks, pipes and everything else in the next 2-3 years," Goenka said. The investments in Gujarat will be focused on Green Hydrogen, Green Ammonia and expansion of plastic and textile divisions. "It's a new bet on new energy, but I think it's the future. I think there is big potential," he added. When asked if the group will be going for an equity raising given th
Diversified group Welspun World on Wednesday pledged Rs 40,000 crore investment to set up green hydrogen and green ammonia ecosystem in Gujarat. The group, through its entity Welspun New Energy Ltd (WNEL), will explore the opportunities for development of green hydrogen projects and its derivatives in the state, according to a statement. "The group is committed to support Gujarat's decarbonisation ambitions with a cumulative investment of over Rs 40,000 crore to build a vibrant green hydrogen and green ammonia ecosystem. Towards this, WNEL today entered into a strategic alliance with Gujarat Pipavav Port Limited (GPPL), promoted by APM Terminals, part of the AP Moller - Maersk Group," it said. WNEL is among the winning bidders under the Solar Energy Corporation of India's (SECI) SIGHT tender, where it has won incentives for 20,000 MTPA of green hydrogen production. It has also received in-principle approval from the Gujarat government for developing renewable energy projects on 20,
Welspun One on Monday said it has inked an initial pact with the Tamil Nadu government for a proposed Rs 2,000-crore investment in the state over the next five years. This comes on the back of a similar initial pact for Rs 2,500 crore investment proposal signed with the state government in 2021. The second pact signed at the Tamil Nadu Global Investors' Meet 2024, outlines Welspun One's commitment to drive the proposed development of industrial and logistics parks with an estimated investment outlay of Rs 2,000 crore over the next five years, Welspun One said in a statement. This initiative is expected to generate direct employment opportunities for 5,000 people and contribute to the development of ancillary industries, creating indirect employment opportunities for 10,000 people, it added. "Welspun One's ongoing commitment to invest in Tamil Nadu reflects a collaborative spirit and a common resolve to meet all mutually agreed obligations, guided by the facilitation of Guidance, th
Welspun One said on Wednesday said it will develop an industrial and logistics hub at the Jawaharlal Nehru Port's Special Economic Zone with an investment of around Rs 700 crore. This investment is the second deployment from Welspun Ones' latest Fund 2, which is a Rs 2,000-crore Alternative Investment Fund, the company said in a statement. The development of a 1.2-million square feet industrial and logistics hub spread across 55 acres at JNPA SEZ signifies a paradigm shift in India's infrastructure sector, Welspun One said. The total investment of Rs 700 crore includes land as well as construction cost and the project will be financed through a mix of debt and equity, it said. According to the statement, this strategic collaboration is the beginning of a partnership between JNPA (developer) and Welspun One (as co-developer), leveraging synergies to build future-ready industrial and warehousing infrastructure. "We have partnered with Jawaharlal Nehru Port Authority (JNPA) as ...
Welspun, which also operates in the United States and Saudi Arabia, said its revenue from operations surged more than two-fold to Rs 4,059 crore, backed by its core steel products
The revenue from operations for Q2FY24 stood at Rs 2,509.08 crore, compared to Rs 2,113.46 crore year-on-year
Integrated fund and development management platform Welspun One on Wednesday said it will set an in-city warehousing facility in Thane with an outlay of around Rs 600 crore. The facility is strategically located in close proximity to the prime eastern suburbs of Thane and Mulund and the eastern express highway, as per the company. This marks the first deployment of Welspun One Logistics Parks Fund 2, a category II AIF vehicle, which has secured commitments of Rs 1,500-crore out of a target raise of Rs 2,000-crore to date, the company said. The Thane project, which entails a project outlay of approximately Rs 600-crore, will include dedicated docks, dust-free parking bays, vertical transportation facilities, among others, it said. "We are launching our first Grade-A in-city facility in Thane, MMR. The surge-in demand for in-city warehousing spaces, with projected requirements reaching 16-million square feet in Mumbai Metropolitan Region by FY 28, is undeniable," said Anshul Singhal,
The total income for Q1FY24 came in at Rs 709.45 crore, compared to Rs 690.84 crore year-on-year
Welspun One Logistics Parks (WOLP) on Tuesday said it has raised Rs 1,000 crore within four months of launching its second warehousing-focussed fund. The company also announced the opening of its "green shoe" option to raise an additional Rs 1,000 crore. The potential corpus could reach Rs 2,000 crore upon completion of the green shoe option, which would rank it among the largest in the domestic real estate alternatives space, WOLP said in a statement. The plan entails an overall investment outlay of over Rs 8,000 crore, which will propel Welspun One to an Assets under management (AUM) of USD 1 billion, it said. "We are deeply grateful to our investors for their unwavering faith in us, which has powered our successful second fund-raise," said Anshul Singhal, Managing Director at WOLP. The warehousing sector continues to exhibit strong growth with record-high demand of 51.3 million square feet in FY23, implying a CAGR of 24 per cent during FY17-23, according to the company. With a
Welspun One has also announced the opening of its "green shoe" option to raise an additional Rs 1,000 crore
Home textiles major Welspun India will look at opportunities to leverage on the association of its brand Christy with the Wimbledon tennis championships for international market expansion of the British label, according to company MD & CEO Dipali Goenka. This year, apart from the conventional classic green and purple towel the company has also created a line with a range of blooms in seasonal pink and fuchsia for Wimbledon, keeping in line with the tournament's vision and colour conversation that transcends gender. Christy became the official towel manufacturer and supplier for Wimbledon in 1988 and Welspun's association with Wimbledon began in 2006 when it acquired Christy. "The partnership, and what we have with Wimbledon is something that we feel very proud of because the towels are made in India for the world and for Wimbledon," Goenka told PTI. While Wimbledon towels are "very seasonal", she said it is the retail sales of Christy that it garners not just in the UK but also in
Welspun Corp Ltd (WCL) posted an 8.90 per cent decline in its consolidated net profit to Rs 240.08 crore for the January-March quarter, hit by higher expenses. It had clocked a net profit of Rs 263.56 crore during the January-March quarter of the preceding financial year (FY) 2021-22, the company said in a regulatory filing. The company's total income rose to Rs 4,132.38 crore, from Rs 2,413.48 crore in the year-ago quarter. Its expenses rose to Rs 3,835.55 crore from Rs 2,033.16 crore in the January-March period of FY22. In a separate statement, B. K. Goenka, Chairman, Welspun Group said, "We have seen flawless execution and delivery for our customers resulting in strong cash flows and a substantial reduction in net debt. The acquisition of the plastic products business of Sintex has given us a head start in our foray into the B2C segment. "This will result in significant value creation for all our stakeholders in addition to providing growth to the existing business portfolio."
Welspun One Logistics Parks (WOLP) on Monday said it has successfully concluded the initial close of its second Alternative Investment Fund (AIF), WOLP Fund 2, raising Rs 500 crore in eight weeks. WOLP Fund 2 was launched in March and aims to raise a corpus of Rs 2,000 crore, including a green-shoe option of Rs 1,000 crore, the company said in a statement. The sum of Rs 500 crore was raised from domestic high net worth and family office investors, it said and added that the speed of the raise underscores the strong investor confidence in both, the Welspun One platform and the prospects of the warehousing and industrial sector in India. We have witnessed an exceptional investor response, as the first round of WOLP Fund 2 successfully closed at INR 500 crore within an 8-week timeframe, which is a record of sorts in the alternative investments space, said Anshul Singhal, Managing Director at Welspun One Logistics Parks. Along with project-level debt, this is expected to give the fund
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