Welspun Group

Welspun Group is an Indian multinational conglomerate, , headquartered in Mumbai. It has diverse businesses in line pipes, textiles, Infrastructure, and steel. It does business with 50 countries and has a distribution network in 32 countries, including the US, Canada, the UK, and Australia. Welspun was founded in 1985 by Balkrishan Goenka and his cousin Rajesh R. Mandawewala.

Welspun Group has over 26,000 employees, and a revenue of US$2.3 billion, and is India's biggest exporter of home textile products.

History

1985- 1990

Welspun India Limited was founded in 1985 as Welspun Winilon Silk Mills Pvt., a Private Limited Company in Mumbai. The Company's original objective was to produce polyester filament yarns and texturized yarns. Welspun was promoted by the G.R.G. group, led by G.R. Goenka.

In 1986/89, the Company established two yarn texturizing factories. One with a texturizing machine of 216 spindles at Palghar, District Thane, produced 797.5 MT of yarn per annum. The other had the same capacity and was set up at Silvassa. A modern polyester filament flat yarn manufacturing unit was established in Achhad, District Thane, in 1990 with a 605 MT per annum capacity.

1991-2000

In October 1991, 17,10,000 shares were offered to the general public, which issued a total of 18,00,000 shares. This included a ₹5 per share premium, with 90,000 shares reserved and allocated to employees. As a result, from 2,200 MT to 3,500 MT, the Company's annual capacity increased.

In 1993, the Company committed to building up a 15,000-spindle cotton spinning project at Village Morai, near Vapi, Gujarat, to produce terry towels. In addition, Welspun proposed a POY project at Silvassa, Dadra, and Nagar Haveli with a 15,000 MTPA capacity. The Company issued equity shares priced at ₹10 with an ₹40 per share premium.

In 1994 and 1995, the Company raised its capacity to produce terry towels from 3100 MTPA to 5200 MTPA. Also, it began creating power plants that could generate 40 M.W. spinning machines for terry towels and cotton to use captive power sources. On October 12, the Company name was replaced with Welspun India Ltd. instead of Welspun Polyesters (India) Ltd. The Company obtained an advanced plant from Rieter automatic GMBH in Germany to launch its polyester filament yarn project.

In 1996, the Company leased its polyester yarn division at Silvassa to M/s. Welspun Syntex Ltd. At its 100% export-oriented unit Plant in Vapi, Gujarat, the Company formed a joint venture with Vincenzo Zucchi S.P.A., Italy, to manufacture Terry bathrobes and Terry made-ups.

In 2000, the Company acknowledged that an entirely subsidiary, Welspun U.S.A. Inc., had been established in the United States.

2001- 2010

In 2001, the Company's spinning sector experienced a demerger forming Welspun Cotton Yarn Ltd. The Non-convertible debentures (N.C.D.s) of the Company were downgraded from a "B" rating to a "D" rating by Credit Rating and Information Services of India Ltd.

In 2004, Welspun India was honored with the prestigious International Vendor of the Year award from Wal-Mart. The Company also won the Operational Excellence Awards for 2003. In addition, Welspun India appointed Angshuman Singh to serve as its C.E.O.

On August 25, 2008, Welspun India Ltd. appointed Mr. Ram Gopal Sharma as an additional director of the Company. In 2009 Welspun India Ltd appointed Mr. B K Goenka as the Chairman and Managing Director of the Company. Also, Mr. Shashikant Thorat was selected as 'Assistant Company Secretary and Compliance Officer of Welspun India Limited.

In 2006-08, Welspun India Ltd. appointed Ms. Revathy Ashok as the Additional Director of the Company. Ram Gopal Sharma was appointed to the board of directors of Welspun India Ltd. on August 25, 2008.

In 2009, Mr. B K Goenka was appointed Chairman and Managing Director of the Company by Welspun India Ltd. Also, Mr. Shashikant Thorat was chosen to serve as Welspun India Limited's assistant company secretary and compliance officer.

In 2010 Qualified Institutions Placement for Welspun India has effectively priced at ₹156.03 crores.

2011- 2021

In 2011-12, B.K. Goenka and Rajesh R. Mandawewala were designated Executive Chairman and Managing Director of Welspun India Ltd. Mr. Arun Todarwal was elected to the Company's board of directors in 2012.

In 2013 Welspun Corp. Ltd. reported the sale of a USD 99 million stake in Leighton Welspun India. The Executive Director position was given to Mrs. Dipali Goenka on April 1.

In 2014, Welspun India Ltd distributed 23,500 equity shares to several company employees who had utilized their option rights under the Company's ESOP plan.

In 2015-16, the first package of the Delhi-Meerut Expressway Project was offered to Welspun Enterprises. The Company launched a 32 M.W. solar power plant. It also established its online retail portal. In 2016 Welspun India expanded its product offering forays into flooring solutions with an INR 600 crore carpet plant. In Anjar, Gujarat, the Company built the infrastructure for the production of carpets, area rugs, and carpet tiles.

In 2018-20, Welspun India established a subsidiary company in Delaware, United States of America, and partially resumed operations at Gujarati manufacturing units.

In 2021, Welspun launched a campaign for its female employees to have equal opportunities. The Company received a commendation at the Greentech Foundation Awards 2021 for promoting inclusion and sustainability. Throughout the COVID wave, Welspun Group aided the families of deceased employees. The launch of "Manthan" by Welspun India aims to encourage innovation and inclusivity. To strengthen the leadership of its team, it also collaborated with the Indian School of Business.

Management

Management of Welspun Group

Listed companies

Welspun India Ltd

Welspun Winilon Silk Mills Pvt. Ltd began operating as a producer of synthetic yarn in 1985. First, the name was changed to Welspun Polyesters (India) Ltd.; then, in 1995, the company renamed itself Welspun India Limited.

The company manufactures various products, including towels in multiple sizes and qualities, bed linens created from the finest Egyptian cotton, and innovative technology. They also introduced organic goods made of soy, seaweed, milk, and bamboo.

The largest manufacturer of Terry towels in Asia and one of the top 4 producers globally is Welspun India Ltd. Its operations are spread over several continents, and it has a distribution network in 32 countries, including the USA, UK, Canada, Australia, Italy, Sweden, and France.

Welspun Corp Ltd (Pipes & Steel)

Welspun Corp Limited is a leading provider of welded line pipes to numerous Fortune 100 oil and gas companies. Some of the necessary pipelines for carrying out significant onshore and offshore projects are manufactured and distributed by its facilities in India, the Kingdom of Saudi Arabia, and the United States. The company provides comprehensive solutions and can produce a variety of pipes, and it is one of the top three makers of welded line pipes globally.

In more than 50 nations, it has a diverse presence. The company was established on April 26, 1995, and its current activities include the production of high-grade submerged arc welded pipes and coating hot rolled steel plates and coils.

Welspun Corp declared that it would buy the division of the demerged firm Welspun Steel Limited at a meeting on June 28, 2021.

Welspun Steel Limited, a public company, was established on June 3, 2004. It operates in the production of basic iron and steel. I.S.I. Certified Ribbed Thermo Mechanically Treated (TMT) Rebars, an essential building material, are produced by the company at its Anjar factory. Balkrishan Gopiram Goenka, appointed on June 3, 2004, is currently the director with the longest tenure. Dilip Kumar Chokhra was selected to serve as the director on May 1, 2022.

Welspun Enterprises Ltd

On November 5, 2012, Welspun Enterprises Limited was officially established under the Companies Act of 1956 as "Welspun Infra Enterprises Private Limited."

With effect from April 9, 2013, the Company became a public company, and its name was changed to "Welspun Infra Enterprises Limited."

After June 11, 2013, the Company's title was changed to "Welspun Enterprises Ltd."

A division of the Welspun Group, Welspun Enterprises is a firm that focuses on infrastructure development in road and water projects through large-value Engineering, Procurement, and Construction (E.P.C.) contracts. Six (Build-Operate-Transfer) B.O.T. (Toll) Road projects comprising more than 500 kilometers in length have been completed by the Company in the highway sector.

Welspun One Logistics Parks (WOLP)

Welspun One Logistics Parks (WOLP) is a comprehensive investment and development management company that offers warehouse & industrial parks throughout India. As part of the Welspun Group, Welspun One has been delivering industrial projects on a large scale for over three decades.

Employee Section

The company has more than 26,000 employees, of which 25% are women from diverse backgrounds and cultures. In addition, a total of 1,000 people from underprivileged regions are employed by Welspun every month. It is estimated that 50 to 60 percent of these workers are first-time employees.

A response to the COVID-19 pandemic

Welspun aided the families of the victims of the COVID pandemic. The family's spouse and two children received medical insurance from Welspun India worth ₹5 lakh over ten years. The financial support included two years of living expenses at 50% of the employee's monthly salary and two children's education up to graduation. The "24x7 Wel-Care" facilities at the Welspun company's Anjar and Vapi factories had been established to serve the medical needs of its employees and staff. The facilities had more than 150 beds and intensive care units, oxygen apparatus, ventilators, and ambulances. Care was provided by doctors, paramedics, and housekeeping staff.

Philanthropy

Founded in 2004 and headed by Dipali Goenka, the Welspun Foundation for Health & Knowledge is a public charitable trust. A portion of the Welspun Group's profits is channeled through the Foundation into projects that promote welfare. Education (girl child), women empowerment, the environment, and health are some areas where the Foundation supports initiatives to develop society.

Through Wel-Netrutva, they support women entrepreneurs. As part of the Foundation's education programs, Wel-Shiksha digitizes classrooms, and the Super Sports Women program supports young, aspiring athletes in their careers. For FY 21, Welspun Group spent ₹631.24 lakh on environmental, social, and corporate governance (ESG).

Education Initiatives

As part of the Welspun Foundation's initiative, "Karona Thodi Masti, Thodi Padhai" was launched as a home learning program in 2020 to assist government school children in continuing their studies despite the pandemic. As a result, 7500 students from 30 government schools in Anjar, Valsad, and Bharuch now have access to education due to the Welspun Foundation.

The Right to Education is promoted and supported by Welspun. The company prioritizes specific initiatives that would enhance girls' education. The objective of Welspun Vidya Mandir (Up to standard X) in Salva, Maharashtra, and Anjar, Gujarat, is to promote children's complete development. Through this effort, high-quality education is provided to more than 2060 students. Welspun Foundation started the Quality Education Program along with Naandi Foundation. The project had a beneficial impact on 700 children from 6 Mumbai Municipal schools.

Empowerment and Health Initiatives

In partnership with the Gujarat Government, Welspun established the "Mission Mangalam" scheme. In this program, 250 women are trained. With the assistance of Matrusparsh hospital in Anjar, the Welspun foundation established medical centers. Medical cards have been provided to 1000 BPL families in Salav. The Welspun Foundation started an anti-tobacco campaign in Murud School in cooperation with Salaam Bombay Foundation. 53 Teachers and 33 Schools were approached.

Welspun Foundation supports Primary Healthcare Centers with medical equipment to combat COVID-19 in Vapi. To improve healthcare facilities, Welspun Foundation reached out to five Primary Health Centers in Morai, Vatar, Kunta, and Balitha as part of the "Village Connect" project. They provided modern medical equipment.

Environment Initiatives

At all of Welspun's factories, there is a well-planned recycling and waste control system. Every year, there is a 35131 MT net CO2 (Carbon dioxide) emission reduction. CO2 emissions are transformed into liquid CO2 and dry ice. As part of the company's mitigation strategies, Welspun Foundation runs planting sampling campaigns and rainwater harvesting. Devastated deserts have been turned into green belts with 100,000 plants planted by the Foundation. The Bombay Natural History Organization and the Welspun Foundation worked to raise environmental awareness in Salav and Anjar. At the initiative, 490 children from Welspun Vidya Mandir Schools actively participated.

Sports

The Welspun Foundation supports female athletes competing internationally. The Foundation offers financial aid to sportswomen from a diverse range of sports so they can pursue career opportunities. As part of its partnership with NEST (Nurturing and Excellence in Sports Trust), Welspun Foundation also provides resources for female athletes who lack resources. In 2017, NEST began working meticulously with Welspun Group. As a result, in less than two years, seven athletes have enrolled in the Welspun Super Sportswomen program, where they all receive rigorous, long-term training that enables them to compete at the best level.

Welspun has developed itself a position in the "Empowering Women Through Sport" sector and plans to expand the program to 50+ deserving female athletes by 2020. Women who excel at sports, such as boxing, swimming, taekwondo, cycling, athletics, badminton, and weightlifting, receive support from the Foundation.

References

External links

Leaders are born, not made by education – Hindustan Times25 DEC 2010, 04.58AM IST,ET BUREAU Welspun Group to pay 470 cr for 35% in infrastructure firm

{{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