Company Directory - Welspun Corp
Company Details - Welspun Corp
Welspun Corp
WebsiteWelspun Corp is a diversified manufacturing company with interests in pipes, flooring, and textiles. Owned by B K Goenka, the company is known for its robust presence in the manufacturing sector and its role in supplying industrial and consumer goods globally.
CCI Score
CCI Score: Welspun Corp
-15.59
0.01%
Latest Event
Welspun New Energy commits to invest $1.5bn in Odisha
Welspun New Energy, a division of Welspun Corp, signed a memorandum of understanding with the Odisha Government to invest Rs135bn ($1.5bn) in green energy projects including a 1,200MW pumped hydro and 1,000MW floating solar power project. This investment supports regional renewable energy development and economic growth while enhancing energy security.
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ENABLER
Welspun Corp is currently rated as an Enabler.
Latest Events
- FEB052025
Welspun New Energy, a division of Welspun Corp, signed a memorandum of understanding with the Odisha Government to invest Rs135bn ($1.5bn) in green energy projects including a 1,200MW pumped hydro and 1,000MW floating solar power project. This investment supports regional renewable energy development and economic growth while enhancing energy security.
+70
Public and Political Behavior
March 21
The MoU with the Odisha Government underscores a collaborative engagement with public policy aiming to boost renewable energy, demonstrating a strong alignment with public and political responsibility. Such proactive governmental engagement is essential for fostering democratic and sustainable public initiatives.
+80
Business Practices and Ethical Responsibility
March 21
The significant $1.5bn investment in green energy projects highlights a commitment to ethical business practices and sustainability. This initiative contributes to long-term social and environmental benefits, reflecting positively on the company's ethical responsibility and business practices.
+75
Technology and Services Impact
March 21
The planned renewable projects, which include advanced technologies such as pumped hydro storage and floating solar power, demonstrate the company’s progressive approach to leveraging technology for sustainable energy production. This reflects a positive impact in the technology and services landscape.
+70
Economic and Structural Influence
March 21
The substantial investment is poised to drive economic development and structural innovation in Odisha. By boosting regional economic activity, the project demonstrates beneficial economic collaboration and an influence that supports broader social welfare, counteracting exploitative practices.
- DEC092024
Welspun Corp's CEO, Vipul Mathur, expressed optimism about the potential growth in the US market due to a return to Trump's deregulation policies, particularly in the oil and gas sector. This commentary aligns the company with political stances that favor authoritarian economic interventions and deregulation, raising concerns about corporate complicity in promoting policies that undermine democratic norms.
-50
Executive Political Engagement
March 21
The CEO's public remarks endorsing a return to Trump-era deregulation and his praise for policies that favor the oil and gas sector indicate a willingness to align corporate strategy with authoritarian policies. This supports an agenda that prioritizes profit over democratic accountability and worker or public rights, thereby complicating the rise of authoritarian economic practices.
Welspun Corp CEO discusses potential Trump impact on US business and India growth targets
- DEC092024
Welspun Corp's CEO expressed support for the potential return of Trump-era deregulation policies, highlighting anticipated benefits for the company’s operations in the US oil and gas sector. This endorsement aligns the company with political strategies that favor authoritarian, pro-business interests, raising concerns among critics of democratic regulatory practices.
-50
Executive Political Engagement
March 21
The CEO's remarks praising the benefits of Trump’s deregulation policies suggest an alignment with authoritarian approaches that prioritize corporate profit over robust democratic oversight. By openly favoring a return to policies that eased regulations in sectors like oil and gas, Welspun Corp demonstrates executive political engagement that potentially undermines worker rights and environmental protections, and bolsters a political climate supportive of authoritarian practices.
Welspun Corp CEO discusses potential Trump impact on US business and India growth targets
- DEC092024
On December 9, 2024, during an interview, Welspun Corp's CEO Vipul Mathur highlighted how the return of Trump-era deregulatory policies could positively impact the company's US operations. His remarks suggest an alignment with political strategies that accompany authoritarian economic agendas, indirectly supporting a system that undermines democratic accountability.
-40
Executive Political Engagement
March 21
The CEO expressed a favorable view of Trump's deregulatory approach, explicitly noting that Trump's pro-oil policies create a bullish market for Welspun Corp. This endorsement of deregulatory policies aligns the company with political strategies often associated with authoritarian regimes, thereby raising concerns about complicity in supporting anti-democratic, authoritarian practices.
- MAR212024
Welspun Corp and its subsidiaries have been implicated in purchasing electoral bonds, with Welspun Corp Ltd buying bonds totaling Rs 27 crore in several tranches. A significant portion of these bonds were later encashed by the BJP, a party associated with authoritarian and far‑right policies. This activity, coupled with its joint venture with the Adani Group, raises serious concerns over the company’s role in channeling corporate funds to bolster political actors that undermine democratic processes.
-70
Political Contributions and Lobbying Efforts
March 21
The electoral bonds purchased by Welspun Corp’s subsidiary during critical election periods, with the bulk of funds ultimately benefitting the BJP, underline a troubling pattern of political contributions that support authoritarian-aligned agendas. The involvement in such political financing, especially amidst a network of ties with the Adani Group, exemplifies corporate behavior that may contribute to the erosion of democratic norms.
These firms linked to Adani Group bought electoral bonds worth Rs 55.4 cr, BJP encashed Rs 42.4 cr
- OCT012023
Welspun Corp has implemented a comprehensive ESG framework that includes a detailed materiality assessment and the deployment of Wel-Trak 2.0 Blockchain for enhanced traceability and accountability. This initiative is seen as a positive move toward ethical business practices and transparency, countering trends that can support authoritarian practices.
+80
Business Practices and Ethical Responsibility
March 21
The ESG initiative demonstrates Welspun Corp's commitment to transparency and ethical practices through a detailed materiality assessment that engaged multiple stakeholders and addressed key issues such as supply chain management, climate change, and waste management. This commitment supports accountability in business practices, which is critical in resisting authoritarian and corporatist tendencies.
+70
Technology and Services Impact
March 21
The rollout of the Wel-Trak 2.0 Blockchain showcases the company's innovative use of technology to enhance traceability and transparency in its operations. This digital tool facilitates improved ESG data management and accountability, further supporting ethical practices that stand in opposition to centralized power and authoritarian oversight.
- JAN012023
Welspun Corp's use of electoral bonds to donate to political parties raises concerns about transparency and accountability in its political contributions. This opaque funding mechanism can potentially support authoritarian practices by facilitating untraceable political influence.
-40
Political Contributions and Lobbying Efforts
March 21
Welspun Corp's donation via electoral bonds, as identified in publicly available data, is emblematic of opaque political funding practices. The lack of transparency inherent in the electoral bonds mechanism undermines democratic accountability and may inadvertently bolster authoritarian entities by sidestepping meaningful public scrutiny.
- NOV302022
Welspun Corp Ltd, a subsidiary of the Welspun Group, conducted multiple electoral bond purchases totaling Rs 27 crore between May 2019 and November 2022. The opaque nature of these transactions, with portions of the bonds being encashed by political parties, raises concerns about corporate involvement in political funding and potential facilitation of authoritarian practices.
-40
Political Contributions and Lobbying Efforts
March 21
Welspun Corp Ltd's repeated purchases of electoral bonds, amounting to Rs 27 crore over several windows, were carried out through channels that lack transparency. The fact that part of these funds ended up with political parties (including a transaction in 2019 where bonds were encashed by the Congress) suggests an intention to influence electoral outcomes. From an anti-fascist perspective, such opaque political contributions can bolster authoritarian political forces by enabling financial influence without public accountability.
These firms linked to Adani Group bought electoral bonds worth Rs 55.4 cr, BJP encashed Rs 42.4 cr
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