Welspun bags Rs 1,089 cr orders; to raise Rs 215 cr

New Delhi, Apr 16: Welspun-Gujarat Stahl Rohren Ltd today said it bagged Rs 1,089 crore orders from both domestic and overseas firms for supply of line pipes.

These projects are to be executed for both Longitudinal Submerged Arc Welded (LSAW) and Helical Submerged Arc Welded (HSAW) pipes.

These orders take the company's current-pending order book position to about Rs 4,000 crore, including the orders executed in the last quarter of FY07.

''Though our emphasis is on 'Engineering Excellence', we have demonstrated our ability to execute large and prestigious orders successfully. The new orders are testimony to the engineering ability that we have built in our country,'' Welspun Group Vice-Chairman and Managing Director B K Goenka said.

The company has also decided to raise Rs 215 crore through issue of convertible and non-convertible securities and warrants to its promoters to finance its incremental operations, investments and general corporate purposes.

The board has accorded its approval to the fund-raising scheme.

The members of the company will meet on May 10 to consider the issue.

UNI