B.K. Goenka, Chairman, Welspun Group
US-based private equity investor Apollo Global Management has announced acquisition of stakes in Welspun Group entities. While Apollo has bought a 13.3 per cent stake in pipe maker Welspun Corp., or WCL, for Rs 1,305 crore, WCL and Apollo have acquired 87.5 per cent and 12.5 per cent, respectively, in Welspun Maxsteel, or WMSL, a direct reduced iron producer, for Rs 945 crore altogether. The deal is expected to help Welspun in establishing an integrated business model - from iron ore to steel pipes - while enhancing its capabilities and enabling it to compete in the global oil and gas pipeline market. WMSL is setting up a 1.5 million tonne per annum high-end steel facility.