We wish to inform you that Board of Directors at their meeting held today, i.e., Thursday, May 21, 2026, considered and took note of the completion of the transaction in relation to acquisition ....
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Man Industries' board took note of the completed acquisition of 100% equity stake in National Pipe Company Limited (NPC) in Saudi Arabia through its wholly-owned subsidiary MISIC. The total acquisition cost is USD 102 Million (~INR 1,000 Crores) in cash. NPC is an established manufacturer of HSAW and LSAW pipes with manufacturing capacity of approximately 430,000 MT per annum located in Dhahran/Dammam, Saudi Arabia. NPC serves major clients like Saudi Aramco, Saudi Water Authority, and global EPC contractors. The company is described as profit-making, debt-free with a healthy order book and all major industry approvals. This acquisition aligns with Man Industries' international expansion strategy and will strengthen its presence in the Middle East pipe manufacturing market.
This acquisition provides Man Industries with immediate access to Saudi Arabia's growing energy, infrastructure, and desalination pipeline opportunities while adding significant manufacturing capacity and established client relationships. The INR 1,000 Crore deal is substantial but funded through a wholly-owned subsidiary and is expected to strengthen the company's international operations and order book.