Perma-Pipe Qatar To Acquire 51% Stake In Welspun Special Coating, Forming India Joint Venture To Expand Fusion-Bonded Epoxy Coating Services; No Financial Terms Disclosed

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH), a global leader in engineered piping and corrosion protection solutions, today announced that its subsidiary, Perma-Pipe Qatar, has agreed to acquire a 51% equity interest in Welspun Special Coating Private Limited ("WSCPL"), a newly formed company that will provide internal fusion-bonded epoxy ("IFBE") coating and related services in India. The interest is being acquired from Welspun DI Pipes Limited ("WDI"), a wholly owned subsidiary of Welspun Corp Limited ("WCL"). WCL will also acquire the remaining 49% from WDI. The resulting joint venture adds IFBE coating to Perma-Pipe’s service offering and establishes a platform to pursue domestic and export opportunities in the Indian market.