3i invests $ 80 mln for 6.6% stake in Welspun

New Delhi, Oct 22 (UNI) Private equity and venture capital company 3i today said it has invested 80 million dollars for a 6.6 per cent stake in Welspun Gujarat Stahl Rohren Ltd (Welspun) through purchase of secondary shares in the company.

Welspun is manufacturers of line pipes used by the oil and gas sector and is in the midst of executing an expansion plan including adding new capacity, backward integration into manufacture of plates and coils and establishing an overseas presence with a facility in the US, said a company statement.

Post completion of the company's expansion plans, it will have a total capacity of 1.75 million tonnes per annum, up from one million tonnes per annum currently, it added.

UNI