![]() | A major contributor to this article appears to have a close connection with its subject.(June 2024) |
![]() | |
Company type | Corporate group |
---|---|
Industry | Conglomerate |
Founded | 1985Mumbai, India | in
Founder | B. K. Goenka Rajesh R. Mandawewala |
Headquarters | 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 | ![]() |
'Welspun World (formally known as Welspun Group) is an Indian multinational conglomerate engaged in diverse sectors such as line pipes, textile, infrastructure, and steel. [1] Headquartered in Mumbai, the company operates in 50 countries and has a distribution network in 32 countries, including the US, Canada, the UK, and Australia. As of 2023, the company is valued at $3 billion. [2]
In 1985, Balkrishan Goenka, along with his cousin Rajesh R Mandawewala, founded Welspun with an initial investment of $100,000 borrowed from his father. [3] The company began its operations as a small texturizing unit under the name Welspun Winilon Silk Mills in the Palghar district. [4] It was promoted by the G.R.G. group, headed by Gopi Ram Goenka, who is the father of Balkrishan. [5] [6] [3]
Between 1986 and 1989, the company established two yarn texturizing factories. [7] One, situated in Palghar, District Thane, equipped with a texturizing machine of 216 spindles, 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. [7]
In 1991, Welspun Polyester India went public through its initial public offering (IPO) and later rebranded as Welspun India Limited (WIL). [8] The company expanded into the terry towels business by setting up its first terry towel plant in Vapi, Gujarat, with 15,000 cotton spindles. [9] [10] 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. [11] In 1996, Welspun's polyester yarn business was leased to a group company to shift focus to natural fibers. [9] 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. [12] In 2000, Welspun USA was formed as a wholly-owned subsidiary of Welspun India Limited. [13]
In 2001, Welspun hived off its cotton yarn unit into a separate company, which became known as Welspun Cotton Yarn Ltd. [14] [15] 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. [16] In 2009, Welspun appointed B K Goenka as the Chairman and Managing Director. [17] 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. [18]
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). [19] [20] The expressway segment was officially inaugurated on May 27, 2018, by Prime Minister Narendra Modi. [21] During the same period, Welspun initiated a 32 MW solar power plant, [22] launched an online retail portal, [23] and expanded into flooring solutions with a ₹600 crore carpet plant in Anjar, Gujarat. [24] The group also closed one of its plants in Mexico. [25]
In December 2019, the group entered the warehousing sector through the acquisition of majority stakes in One Industrial Spaces. [26] 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. [27] 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. [28] 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. [29]
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. [30] 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. [31] In February 2023, The National Company Law Tribunal (NCLT) admitted the insolvency plea against Sintex, but it was later dismissed by NCLAT. [32] In July 2023, the group re-branded itself as Welspun World. [33]
Reliance Industries Limited is an Indian multinational conglomerate headquartered in Mumbai. Its businesses include energy, petrochemicals, natural gas, retail, entertainment, telecommunications, mass media, and textiles. Reliance is the largest public company in India by market capitalisation and revenue, and the 100th largest company worldwide. It is India's largest private tax payer and largest exporter, accounting for 7% of India's total merchandise exports. The company has relatively little free cash flow and high corporate debt.
Vapi, is a city and Municipal Corporation in Valsad district in the state of Gujarat, India. It is situated near the banks of the Daman Ganga River, around 28 km south of the district headquarters in the city of Valsad, and it is surrounded by the Union Territory of Dadra and Nagar Haveli and Daman and Diu. It is believed that the city got its name from the old small stepwell situated near the Balitha area. The meaning of vapi (वापी) in sanskrit is a water reservoir or a water storage body.
Aditya Birla Group is an Indian multinational conglomerate, headquartered in Mumbai, India. The group's business interests include metals, cement, fashion and retail, financial services, renewables, fibre, textiles, chemicals, real estate, trading, mining, and entertainment. The group has a presence in 36 nations and a combined annual revenue of US$75 billion, over 50% of which is derived from its overseas operations.
Vibrant Gujarat, also referred to as Vibrant Gujarat Global Summit, is a biennial investors' global business event that is held in the state of Gujarat, India. The event is aimed at bringing together business leaders, investors, corporations, thought leaders, policy and opinion makers; the summit is advertised as a platform to understand and explore business opportunities in Gujarat. The summit's primary objective is to promote Gujarat as an attractive investment destination and to facilitate partnerships and collaborations across different sectors. Summit began in 2003 and is now held every two years.
Grasim Industries Limited is an Indian manufacturing company based in Mumbai. Since its inception in 1947 as a textile manufacturer, Grasim has diversified into textile raw materials like viscose staple fiber (VSF) and viscose filament yarn, chemicals and insulators, along with cement and financial services through its subsidiaries UltraTech Cement and Aditya Birla Capital respectively. The company is a part of the Aditya Birla Group.
The economy of Gujarat, a state in Western India, is the most industrialised in India, having the highest industrial output of any state in the union. It has the highest exports of any Indian state, accounting for 33% of all Indian exports in 2022-23. It leads in diverse industrial sectors such as chemicals, petrochemicals, dairy, drugs and pharmaceuticals, cement and ceramics, gems and jewellery, textiles and engineering. It has the highest Electricity Production Capacity and Maritime Port Cargo Volume among all states in India. It also has significant agricultural production with major agricultural produce of the state being cotton, groundnuts (peanuts), dates, sugar cane, milk and milk products. Gujarat recorded the lowest unemployment rate in India in 2022, with 4.4% of the labour force being unemployed.
JSW Steel Limited is an Indian multinational steel producer based in Mumbai and is a flagship company of the JSW Group. After the merger of Bhushan Power & Steel, Ispat Steel and Jindal Vijayanagar Steel Limited, JSW Steel became India's second largest private sector steel company.
JSW Group is an Indian multinational conglomerate, based in Mumbai. It is led by Sajjan Jindal and is part of the O.P. Jindal Group. The group's diverse businesses include steel, energy, infrastructure, cement, automotive and paints, across India, the United States, South America, and Africa.
Shree Cement is an Indian cement manufacturer, founded in Beawar, Rajasthan, in 1979. Now headquartered in Kolkata, it is India's third largest cement producer and second largest cement company by market capitalisation. Shree Cement has moved in the last two decades from having 2 million tonne (mt) production capacity to becoming the country’s third largest cement player, with an installed capacity of 46.9mt in India and 50.9mt overseas. It also produces and sells power under the name Shree Power and Shree Mega Power.
Alok Industries Limited, is an Indian Textile manufacturing company based in Mumbai. It Is Owned By Reliance Industries. Alok Industries Limited is one of India’s largest vertically integrated textile company offering end-to-end solutions through its five core divisions: Home Textiles, Cotton Yarn, Apparel Fabric, Garments, Technical Textiles, Textile Accessories and Polyester Yarn. Its main business involves weaving, knitting, processing, home textiles, ready made garments and polyester yarns. It exports 26% of its products to over 90 countries in the US, Europe, South America, Asia and Africa. It's customer base includes multiple renowned brands like Levi's, Walmart, Zara, Calvin Klein, H&M, Tommy Hilfiger, PVH, Tesco, Costco Wholesale, Bestseller, Bershka, Kohl's, NEXT, Pull&Bear, Reliance Retail And Many More. Alok Industries Also Have A Majority stake in a Czech republic incorporated textile company Mileta which supply its product across the europe region. The export represents 90% of the entire production. Alok Industries have Global Organic Textiles (GOTS), OEKOTEX, Made In Green, Fairtrade, Egyptian Cotton certified, amongst others. including, Environment Management System, Occupational Health and Safety System, MADE IN GREEN - STeP certification, and OKEOTEX 100.
Essar Steel was a common name of the steel manufacturing companies of the Essar Group of Companies. Its main subsidiary was Essar Steel India Limited, a fully integrated flat carbon steel manufacturer based in Mumbai, which owned and operated a steel mill in Hazira, Surat district of Gujarat state. In addition, it had also a beneficiation plant at Bailadilla, Chhattisgarh, and pellet plants at Visakhapatnam, Andhra Pradesh, and Paradeep, Odisha.
Welspun Living Limited, previously known as Welspun India Limited, is an Indian textile manufacturing company headquartered in Mumbai. Founded by Balkrishan Goenka in 1985, the company produces home textile products such as bed linen, terry towels, rugs, and yarn. Welspun operates several brands, including Christy, Spaces and Welhome, and is led by Dipali Goenka, who serves as the CEO and managing director.
Welspun Corp Limited is an Indian multinational company with its headquarters in Mumbai, India. It specializes in manufacturing large-diameter pipes and operates in multiple countries across six continents. Its manufacturing facilities are located in Anjar (Gujarat), Bhopal, Mandya (Karnataka), Jhagadia (Gujarat), and Little Rock, Arkansas, in the US.
Welspun Energy Private Limited is an independent power company based in New Delhi, India. It is a subsidiary of Welspun Group.
Adani Enterprises Limited (AEL) is an Indian multinational publicly-listed holding company and a part of Adani Group. It is headquartered in Ahmedabad and primarily involved in mining and trading of coal and iron ore. Through its various subsidiaries, it also has business interests in airport operations, edible oils, road, rail and water infrastructure, data centers, and solar manufacturing, among others.
ReNew Energy Global is a decarbonisation solutions company based in India. It is the first Indian renewable energy company to be listed on NASDAQ. ReNew operates more than 140 projects spread across nine states in India. The company provides decarbonisation solutions through a mix of green hydrogen, data-driven solutions, storage, manufacturing, and carbon markets.
Kotak Mahindra Life Insurance Company Limited is a privately held life insurance company based in India. It was established in 2001 and currently serves 46 million customers in 148 cities and towns across India.
Skipper Limited is an Indian transmission and distribution structure manufacturing company, founded in 1981. It is headquartered in Kolkata, India. The company is a part of the SK Bansal Group, promoted by Sajan Kumar Bansal. Skipper Limited operates in the Power transmission and distribution and polymer pipes and fittings segment with presence across sub-segments such as Towers, EPC, Monopoles and Poles. It is the third largest company in India in terms of manufacturing capacity of Power T&D structures. It exports to over forty countries across South America, Europe, Africa, the Middle East, South Asia and Australia.
Sintex is the world's largest producer of plastic water tanks and Asia's largest manufacturer of corduroy fabrics.