{{Short description|Conglomerate company based in Mumbai, India}} {{Multiple issues| {{COI|date=June 2024}} {{Promotional|date=August 2024}} }} {{Use dmy dates|date=April 2018}} {{Use Indian English|date=April 2018}} {{Infobox company | name = Welspun World | logo = Welspun-word-logo.png | former_name = | type = Corporate group | industry = Conglomerate | founded = {{Start date and age|1985}} in Mumbai, India | founder = B. K. Goenka<br>Rajesh R. Mandawewala | hq_location = Mumbai, Maharashtra, India | area_served = Worldwide | key_people = B. K. Goenka (Chairman and Managing Director) | products = Infrastructure, gas, oil, energy, steel, textile, pipe, retailing | revenue = {{Increase}} US$5 billion | num_employees = | subsid = | website = }}
'''Welspun World''' (formally known as '''Welspun Group''') is an Indian multinational conglomerate with business interests in line pipes, textile, infrastructure, and steel.<ref name=":12">{{Cite web |title=Welspun's BK Goenka: Spinning Solutions |url=https://www.forbesindia.com/article/india-rich-list-2015/welspuns-bk-goenka-spinning-solutions/41365/1 |access-date=2024-06-12 |website=Forbes India |language=en}}</ref> It is headquartered in Mumbai.<ref>{{Cite news |last1=Mandavia |first1=Megha |last2=Kalesh |first2=Baiju |date=2015-12-16 |title=Succession Planning: Welspun Group to hive off yarn-spinning business for next generation |url=https://economictimes.indiatimes.com/industry/cons-products/garments-/-textiles/succession-planning-welspun-group-to-hive-off-yarn-spinning-business-for-next-generation/articleshow/50181464.cms?from=mdr |access-date=2024-06-12 |work=The Economic Times |issn=0013-0389}}</ref>
== History == In 1985, Balkrishan Goenka, along with his cousin Rajesh R Mandawewala, founded Welspun with an initial investment of $100,000 borrowed from his father.<ref name=":02">{{Cite news |date=2012-02-25 |title=I had no background in any of the businesses I got into |url=https://timesofindia.indiatimes.com/business/india-business/i-had-no-background-in-any-of-the-businesses-i-got-into/articleshow/12027474.cms |access-date=2024-06-12 |work=The Times of India |issn=0971-8257}}</ref> The company began its operations as a small texturizing unit under the name Welspun Winilon Silk Mills in the Palghar district.<ref>{{Cite web |title=Retail India News: Welspun Living Joins Bharat Tex 2024 to Champion India's Textile Legacy |url=https://www.indianretailer.com/news/retail-india-news-welspun-living-joins-bharat-tex-2024-champion-indias-textile-legacy |access-date=2024-06-12 |website=Indian Retailer |language=en}}</ref> It was promoted by the G.R.G. group, headed by Gopi Ram Goenka, who is the father of Balkrishan.<ref name=":12"/><ref>{{Cite web |title=About Balkrishan Goenka |url=https://www.business-standard.com/about/who-is-balkrishan-goenka |access-date=2024-06-12 |website=www.business-standard.com}}</ref><ref name=":02"/>
Between 1986 and 1989, the company established two yarn texturizing factories.<ref name=":23">{{Cite web |title=From Vapi to Wimbledon |url=https://www.outlookbusiness.com/specials-34/the-power-of-i_2014/from-vapi-to-wimbledon-1261 |access-date=2024-06-12 |website=Outlook magazine|date=21 February 2014 }}</ref> One, situated in Palghar, produced 797.5 MT of yarn annually. The second factory, with a similar capacity, was set up in Silvassa. In 1990, the company expanded its operations by establishing a polyester filament flat yarn manufacturing unit in Thane, with a capacity of 605 MT per annum. The company's name was later changed to Welspun Polyester India Limited.<ref name=":23"/>
In 1991, Welspun Polyester India went public through its initial public offering (IPO) and later rebranded as Welspun India Limited (WIL).<ref name=":12"/> The company expanded into the terry towels business by setting up its first terry towel plant in Vapi, Gujarat, with 15,000 cotton spindles.<ref name=":23"/><ref name=":02"/> Welspun also proposed a POY project in Silvassa, Dadra, and Nagar Haveli, with a capacity of 15,000 metric tonnes per annum (MTPA). Between 1994 and 1995, the company increased its terry towel production capacity from 3100 MTPA to 5200 MTPA. Additionally, it started developing power plants capable of generating 40 M.W., intended to support spinning machines for terry towels and cotton through captive power sources. Welspun also acquired a plant from Rieter Automatic Gmbh in Germany to launch its polyester filament yarn project.<ref name=":4">{{Cite web |title=Welspun India |url=https://www.moneycontrol.com/company-facts/welspunindia/history/WI03?_sm_au_=iVVVJW810fZMfqvj |access-date=2024-06-12 |website=Money Control}}</ref> In 1996, Welspun's polyester yarn business was leased to a group company to shift focus to natural fibers.<ref name=":23"/> In 1999, Welspun entered a joint venture with Vincenzo Zucchi SPA, Italy, for Terry Bathrobes and Terry made-ups production at its Vapi, Gujarat plant.<ref>{{Cite web |title=As Welspun awaits Wal-Mart review, investors brace for worst |url=https://www.livemint.com/Companies/W5jxT5hQTcHLkG3SNIDGBJ/As-Welspun-awaits-WalMart-review-investors-brace-for-worst.html |access-date=2024-06-12 |website=}}</ref> In 2000, Welspun USA was formed as a wholly owned subsidiary of Welspun India Limited.<ref>{{Cite news |date=2019-07-03 |title=Welspun gets U.S. court nod to settle claims |url=https://www.thehindu.com/business/welspun-gets-us-court-nod-to-settle-claims/article28275388.ece |access-date=2024-06-12 |work=The Hindu |language=en-IN |issn=0971-751X}}</ref>
In 2001, Welspun hived off its cotton yarn unit into a separate company, which became known as Welspun Cotton Yarn Ltd.<ref name=":23"/><ref>{{Cite web |title=High Court sanctions Welspun India's Scheme of Arrangement |url=https://m.rediff.com/money/2001/mar/21risc.htm |access-date=2024-06-12 |website=m.rediff.com}}</ref> CRISIL, an analytical company in India, subsequently downgraded the company's NCDs from a "B" rating to a "D" rating. In 2004, Welspun India received Walmart's Supplier of the Year for Bed & Bath.<ref>{{Cite web |last=textilemagazine |date=2016-04-28 |title=Welspun plans further investment for capacity expansion |url=https://www.indiantextilemagazine.in/welspun-plans-further-investment-for-capacity-expansion/ |access-date=2024-06-12 |website=The Textile Magazine |language=en-US}}</ref> In 2009, Welspun appointed B K Goenka as the Chairman and Managing Director.<ref>{{Cite web |last=www.ETBrandEquity.com |title=Welspun's chief B K Goenka to give up operational role - ET BrandEquity |url=https://brandequity.economictimes.indiatimes.com/news/the-people-report/welspuns-chief-bk-goenka-to-give-up-operational-role/49513190 |access-date=2024-06-12 |website=ETBrandEquity.com |language=en}}</ref> In 2013, Welspun Corp. Ltd., a subsidiary of Welspun Group, divested its entire 39.88 percent stake in Leighton Welspun India for USD 99 million.<ref>{{Cite news |date=2013-12-30 |title=Welspun exits JV with Leighton |url=https://www.thehindu.com/business/Industry/welspun-exits-jv-with-leighton/article5519730.ece |access-date=2024-06-12 |work=The Hindu |language=en-IN |issn=0971-751X}}</ref>
In 2015 and 2016, Welspun was granted the contract for Package I development of Delhi–Meerut Expressway, covering 8.7 km in Delhi, with a total estimated project cost of ₹841.50 crore (US$110 million).<ref>{{Cite web |title=Welspun signs concession agreement with NHAI |url=https://www.projectstoday.com/ |access-date=2024-06-12 |website=Projects Today |language=en}}</ref><ref>{{Cite web |title=Welspun Enterprises provides update on Delhi Meerut Expressway project |url=https://www.business-standard.com/article/news-cm/welspun-enterprises-provides-update-on-delhi-meerut-expressway-project-116112900761_1.html |access-date=2024-06-12 |website=www.business-standard.com}}</ref> The expressway segment was officially inaugurated on May 27, 2018, by Prime Minister Narendra Modi.<ref>{{Cite web |title=Highlights: PM Modi Inaugurates Eastern Peripheral, Delhi-Meerut Expressways |url=https://www.ndtv.com/india-news/pm-modi-to-inaugurate-rs-11-000-crore-eastern-peripheral-expressway-delhi-meerut-expressway-phase-1-1858169 |access-date=2024-06-12 |website=NDTV.com}}</ref> During the same period, Welspun initiated a 32 MW solar power plant,<ref>{{Cite news |date=2015-10-09 |title=State's largest solar plant starts producing power |url=https://timesofindia.indiatimes.com/city/ludhiana/states-largest-solar-plant-starts-producing-power/articleshow/49282469.cms |access-date=2024-06-12 |work=The Times of India |issn=0971-8257}}</ref> launched an online retail portal,<ref>{{Cite web |date=2015-10-15 |title=Welspun India launches online retail portal |url=https://www.thehindubusinessline.com/companies/welspun-india-launches-online-retail-portal/article64340741.ece |access-date=2024-06-12 |website=BusinessLine |language=en}}</ref> and expanded into flooring solutions with a ₹600 crore carpet plant in Anjar, Gujarat.<ref>{{Cite web |date=2016-12-14 |title=Welspun to set up Rs 600cr flooring solutions plant in Gujarat |url=https://www.indiatoday.in/pti-feed/story/welspun-to-set-up-rs-600cr-flooring-solutions-plant-in-gujarat-663341-2016-12-14 |access-date=2024-06-12 |website=India Today |language=en}}</ref> The group also closed one of its plants in Mexico.<ref>{{Cite news |title=Welspun Group works its way back to basics |url=https://www.livemint.com/Home-Page/7ACcvew3pIldWq1vzOltkO/Welspun-Group-works-its-way-back-to-basics.html |access-date=2024-06-12 |work=Live Mint}}</ref>
In December 2019, the group entered the warehousing sector through the acquisition of majority stakes in One Industrial Spaces.<ref>{{Cite web |title=Welspun Group picks up majority stake in One Industrial Spaces |url=https://www.vccircle.com/welspun-group-picks-up-majority-stake-in-one-industrial-spaces |access-date=2024-06-12 |website=VCCircle |language=en-US}}</ref> In 2020, Welspun Flooring Ltd, a subsidiary of Welspun Group, established a manufacturing facility in Hyderabad with an annual capacity of 40 million square meters.<ref>{{Cite web |title=Welspun launches Rs 1,100 crore manufacturing facility in Telangana |url=https://www.business-standard.com/article/companies/welspun-launches-40-mn-sq-mtrs-flooring-plant-in-telangana-120072500904_1.html |archive-date= |access-date=2024-06-12 |website=www.business-standard.com}}</ref> In February 2023, the Welspun Group launched a textile facility in Telangana, inaugurated by IT and Industries Minister KT Rama Rao. During the event, the group disclosed its intentions to establish IT centers in Chandanvelly, Ranga Reddy district in Telangana.<ref>{{Cite news |date=2023-02-22 |title=Welspun Group to invest ₹3,000-5,000 cr. more in Telangana |url=https://www.thehindu.com/news/cities/Hyderabad/welspun-group-to-invest-3000-5000-cr-more-in-telangana/article66541579.ece |access-date=2024-06-12 |work=The Hindu |language=en-IN |issn=0971-751X}}</ref> Also, the Welspun Group announced a Rs 2,000 crore investment for the development of an integrated textile manufacturing zone in Kutch, Gujarat, in alignment with the Indian government's Sagar Mala project. This initiative was aimed at facilitating the global manufacturing and supply of textile products.<ref>{{Cite web |title=Welspun Group To Invest Rs4,000 Crore In Gujarat |url=https://www.forbesindia.com/article/vibrant-gujarat/welspun-group-to-invest-rs4000-crore-in-gujarat/45365/1 |access-date=2024-06-12 |website=Forbes India |language=en}}</ref>
In March 2023, the group expanded its presence in the building materials sector by acquiring Sintex BAPL, a water tank manufacturer, for Rs 1,251 crore through its subsidiary, Welspun Corporation.<ref>{{Cite web |last=Bureau |first=BL Mumbai |date=2023-03-30 |title=Welspun completes Sintex-BAPL acquisition for ₹1,251 cr |url=https://www.thehindubusinessline.com/companies/welspun-acquires-sintex-for-rs-1251-crore/article66679066.ece |access-date=2024-06-12 |website=BusinessLine |language=en}}</ref> During FY19, Sintex had reported an operating profit of Rs 270 crore on a turnover of Rs 1,800 crore. However, the company faced financial difficulties and was taken to the bankruptcy court in December 2020 due to default on loan repayments.<ref>{{Cite news |date=2023-03-31 |title=Welspun buys water tank co Sintex for ₹1,251cr via bankruptcy process |url=https://timesofindia.indiatimes.com/city/mumbai/welspun-buys-water-tank-co-sintex-for-1251cr-via-bankruptcy-process/articleshow/99130290.cms#:~:text=In%20FY19,%20Sintex%20BAPL%20had,shown%20interest%20in%20Sintex%20BAPL. |access-date=2024-06-12 |work=The Times of India |issn=0971-8257}}</ref> In February 2023, The National Company Law Tribunal (NCLT) admitted the insolvency plea against Sintex, but it was later dismissed by NCLAT.<ref>{{Cite news |date=2021-03-15 |title=NCLAT directs NCLT Ahmedabad to decide on insolvency plea against Sintex Industries within a week |url=https://economictimes.indiatimes.com/news/politics-and-nation/nclat-directs-nclt-ahmedabad-to-decide-on-insolvency-plea-against-sintex-industries-within-a-week/articleshow/81515118.cms?from=mdr |access-date=2024-06-12 |work=The Economic Times |issn=0013-0389}}</ref> In July 2023, the group re-branded itself as Welspun World.<ref>{{Cite web |last=www.ETBrandEquity.com |title=Welspun rebrands itself as Welspun World - ET BrandEquity |url=https://brandequity.economictimes.indiatimes.com/news/marketing/welspun-rebrands-itself-as-welspun-world/102034568 |access-date=2024-06-12 |website=ETBrandEquity.com |language=en}}</ref>
== Awards ==
* Golden Peacock Eco-Innovation Award in the Building Materials Sector by Institute of Directors<ref>{{Cite web |title=Golden Peacock Eco-Innovation Award (GPEIA) - Winners |url=https://www.goldenpeacockaward.com/national-winners/golden-peacock-eco-innovation-award-past-winners.html |access-date=2024-06-12 |website=www.goldenpeacockaward.com}}</ref> * National Water Award (NWA) from President of India<ref>{{Cite web |title=Welspun India felicitated with the prestigious National Water Award 2020 |url=https://www.indiainfoline.com/news/markets/welspun-india-felicitated-with-the-prestigious-national-water-award-2020 |access-date=2024-06-12 |website=www.indiainfoline.com |language=en}}</ref> * Merit of certification award for energy conservation in Textile sector by Ministry of Power, India<ref>{{Cite web |title=Raymond Vapi Plant Awarded For Energy Conservation Measures |url=https://textileexcellence.com/single-news/5301/raymond-vapi-plant-awarded-for-energy-conservation-measures |access-date=2024-06-12 |website=textile Excellence}}</ref>
==References== {{Reflist}}
== External links ==
* {{official website|https://www.welspun.com/}} {{Welspun Group}}
Category:Welspun Group Category:Manufacturing companies based in Mumbai Category:Indian companies established in 1985 Category:1985 establishments in Maharashtra Category:Manufacturing companies established in 1985 Category:Companies listed on the Bombay Stock Exchange