Welspun Group
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Welspun World (formally known as Welspun Group) is an Indian multinational conglomerate with business interests in line pipes, textile, infrastructure, and steel. It is headquartered in Mumbai.


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. The company began its operations as a small texturizing unit under the name Welspun Winilon Silk Mills in the
Palghar district Palghar District (Marathi pronunciation: Help:IPA/Marathi, aːlɡʱəɾ is a Districts of Maharashtra, district in the state of Maharashtra in Konkan Division. The headquarters of the district is the town of Palghar. Other major cities in the ...
. It was promoted by the G.R.G. group, headed by Gopi Ram Goenka, who is the father of Balkrishan. Between 1986 and 1989, the company established two yarn texturizing factories. One, situated in Palghar, produced 797.5 MT of yarn annually. The second factory, with a similar capacity, was set up in
Silvassa Silvassa is a city and the headquarters of the Dadra and Nagar Haveli district in Union territory of Dadra and Nagar Haveli and Daman and Diu in western India. It is today the largest city in the union territory. The city was chosen as one of t ...
. In 1990, the company expanded its operations by establishing a polyester filament flat yarn manufacturing unit in
Thane Thane (; previously known as Thana, List of renamed Indian cities and states#Maharashtra, the official name until 1996) is a metropolitan city located on the northwestern side of the list of Indian states, state of Maharashtra in India and on ...
, with a capacity of 605 MT per annum. The company's name was later changed to Welspun Polyester India Limited. In 1991, Welspun Polyester India went public through its initial public offering (IPO) and later rebranded as Welspun India Limited (WIL). The company expanded into the terry towels business by setting up its first terry towel plant in Vapi, Gujarat, with 15,000 cotton spindles. Welspun also proposed a POY project in Silvassa, Dadra, and
Nagar Haveli Nagar Haveli () is one of the two talukas of Dadra and Nagar Haveli District, Dadra and Nagar Haveli and Daman and Diu, India. It is surrounded by the Indian states of Gujarat and Maharashtra. Silvassa, the administrative headquarters of Da ...
, 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. In 1996, Welspun's polyester yarn business was leased to a group company to shift focus to natural fibers. 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. In 2000, Welspun USA was formed as a wholly-owned subsidiary of Welspun India Limited. In 2001, Welspun hived off its cotton yarn unit into a separate company, which became known as Welspun Cotton Yarn Ltd. 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 Walmart Inc. (; formerly Wal-Mart Stores, Inc.) is an American multinational retail corporation that operates a chain of hypermarkets (also called supercenters), discount department stores, and grocery stores in the United States and 23 other ...
's Supplier of the Year for Bed & Bath. In 2009, Welspun appointed B K Goenka as the Chairman and Managing Director. 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. In 2015 and 2016, Welspun was granted the contract for Package I development of
Delhi–Meerut Expressway Delhi–Meerut Expressway or National Expressway 3 is a long controlled-access expressway, connecting Delhi and Meerut in India. The total project cost was estimated to be . The highway starts from Nizamuddin Bridge in the National Capital ...
, covering 8.7 km in Delhi, with a total estimated project cost of ₹841.50 crore (US$110 million). The expressway segment was officially inaugurated on May 27, 2018, by Prime Minister
Narendra Modi Narendra Damodardas Modi (born 17 September 1950) is an Indian politician who has served as the Prime Minister of India, prime minister of India since 2014. Modi was the chief minister of Gujarat from 2001 to 2014 and is the Member of Par ...
. During the same period, Welspun initiated a 32 MW solar power plant, launched an online retail portal, and expanded into flooring solutions with a ₹600 crore carpet plant in Anjar, Gujarat. The group also closed one of its plants in Mexico. In December 2019, the group entered the warehousing sector through the acquisition of majority stakes in One Industrial Spaces. In 2020, Welspun Flooring Ltd, a subsidiary of Welspun Group, established a manufacturing facility in
Hyderabad Hyderabad is the capital and largest city of the Indian state of Telangana. It occupies on the Deccan Plateau along the banks of the Musi River (India), Musi River, in the northern part of Southern India. With an average altitude of , much ...
with an annual capacity of 40 million square meters. In February 2023, the Welspun Group launched a textile facility in
Telangana Telangana is a States and union territories of India, state in India situated in the Southern India, south-central part of the Indian subcontinent on the high Deccan Plateau. It is the List of states and union territories of India by area, ele ...
, inaugurated by IT and Industries Minister KT Rama Rao. During the event, the group disclosed its intentions to establish IT centers in
Chandanvelly Chandanvelly is a village and panchayat in Ranga Reddy district, Telangana, India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by a ...
,
Ranga Reddy district Ranga Reddy district is a district in the Indian state of Telangana. The district headquarters is located at Kongara Kalan Village, Ibrahimpatnam Mandal. The district was named after the former deputy chief minister of the United Andhra Prade ...
in Telangana. 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 The Sagarmala Programme () is an initiative by the Government of India to enhance the performance of the country's logistics sector. The programme envisages unlocking the potential of waterways and the coastline to minimize infrastructural in ...
. This initiative was aimed at facilitating the global manufacturing and supply of textile products. 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. 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. In February 2023, The
National Company Law Tribunal The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies. The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the government of India a ...
(NCLT) admitted the insolvency plea against Sintex, but it was later dismissed by NCLAT. In July 2023, the group re-branded itself as Welspun World.


Awards

* Golden Peacock Eco-Innovation Award in the Building Materials Sector by
Institute of Directors The Institute of Directors (IoD) is a British professional organisation for company directors, senior business leaders and entrepreneurs. It is the UK's longest running organisation for professional leaders, having been founded in 1903 and inco ...
* National Water Award (NWA) from President of India * Merit of certification award for energy conservation in Textile sector by Ministry of Power, India


References


External links

* {{Welspun Group Manufacturing companies based in Mumbai Indian companies established in 1985 1985 establishments in Maharashtra Manufacturing companies established in 1985 Companies listed on the Bombay Stock Exchange