My dear fellow stakeholders,
 
 The year 2010-11 was a year of mixed opportunities with the economy
 across the globe showing signs of revival, though with some occasional
 hiccups, after the unprecedented financial meltdown. Against such
 backdrop, Welspun emerged stronger. Our existing businesses achieved
 superlative performances and all our production facilities helped us to
 consolidate our global leadership position.
 
 Ushering in a new chapter
 
 The last year saw some significant changes within our company. Foremost
 among them was the name change from Welspun Gujarat Stahl Rohren Ltd to
 Welspun Corp Ltd (WCL). The new identity embodies Welspun''s global
 reach and reiterates the commitment of the company to achieve utmost
 customer satisfication by understanding the needs of the global markets
 that it operates in. Despite volatile raw material prices we were able
 to close the year with a healthy order book of Rs 5,400 crore thus
 maintaining our reputation of being one of the largest large diameter
 line pipe companies in the world.
 
 Global Presence
 
 After successfully establishing our foot prints in the US, we made
 inroads into the buoyant markets of Middle East. We acquired majority
 interest in Aziz European Pipe Factory, one of the largest spiral pipe
 manufacturing facilities in the area that can produce upto 300,000 MTPA
 of spiral pipes. It also has a state-of-the-art coating mill. Thus
 cementing our presence in two of the largest Oil & Gas markets in the
 world, i.e. US and Saudi Arabia. To specifically cater to the Middle
 East and Northern African markets a separate marketing office has been
 set up in Dubai. In order to get big orders from international clients
 it is very important to be closer to them.  By having a presence in the
 USA and Middle East we have not only become a local player but have
 gained higher cost efficiencies as well, in terms of transportation.
 
 Growth Drivers
 
 Oil and Natural Gas are expected to remain the primary sources of
 energy. With the revival in the domestic and global economy, oil prices
 are picking up resulting into increase of exploration activities, which
 in turn has led to the demand for Pipes. This increase in demand led us
 to embark upon an expansion plan. We have increased our HSAW capacity
 to 1.1 mn tonnes and are currently underway to increase our LSAW
 capacity to 0.70 mn tonnes. Similarly, to cater to the domestic market
 we have started a pipe facility in Mandya near Bangalore in Southern
 India, which will cater largely to the needs of the water segment. With
 the increased capacities, we are well poised to tap the opportunities
 arising from the domestic market as well as the international markets.
 
 In our infrastructure business, we completed the acquisition of 35%
 shareholding in Leighton Contractors (India) Pvt. Ltd., (Leighton
 International''s Indian operations). The new company is known as
 Leighton Welspun Contractors Private Limited. Leighton specialises in
 high-end engineering, procurement and construction (EPC) contracting as
 well as development of projects across an extensive range of
 disciplines including infrastructure, oil and gas, mining and building.
 With this initiative, we anticipate a new dimension in our growth
 trajectory with a multi-dimensional presence.
 
 Another significant development during the year was the consolidation
 of the infrastructure business under one umbrella i.e. Welspun
 Infratech Ltd (WIL), a subsidiary of Welspun Corp. It was unanimously
 decided by the Board of Directors of WCL and WIL to merge Welspun Infra
 Developers Pvt Ltd (a closely held company) with WIL. To tap the
 burgeoning infrastructure space in India it was very crucial that we
 align ourselves and have a clear corporate structure that will enable
 us to participate and capitalise on the future opportunities in the
 world of infrastructure.
 
 Earlier during the year, we acquired a majority stake in MSK Projects
 India Ltd, which was rechristened as Welspun Projects Ltd. Now with the
 combination of Leighton and Welspun Projects we are fully geared to
 take our infrastructure business to the next level.
 
 Finally, our dream to become an integrated player (iron ore to pipes)
 has come true. It has opened a host of opportunities for WCL and
 Welspun Maxsteel. Furthermore, this will augment Welspun''s already
 impressive capabilities to compete in the global oil and gas line- pipe
 market. With this step, the business will be able to withstand the
 underlying volatility in steel prices and deliver predictable business
 and optimal solutions to customers.
 
 People Excellence
 
 A successful company is often made of hard working and diligent people.
 We believe inspired employees are the key to taking an organisation to
 greater heights.
 
 Taking a step further in this regard we did an employee engagement
 survey as a part of our quest to become a respected organisation.  We
 partnered with the Indian arm of The Great Place to Work® Institute'' to
 conduct this survey which would help us to gather relevant feedback. I
 want to take this opportunity to thank all of you who participated in
 the survey and gave us your valuable opinion. The actual journey of
 becoming a respected organisation should begin with us. By building on
 our strengths and addressing concerns, we will achieve our goal of
 being one of the most respected organisations across the globe.
 
 The Road Ahead
 
 The Government''s efforts in taming inflation have brought positive
 results for the country and for Welspun Corp Ltd. The year 2010-11 has
 been a good year for us with all-round growth in sales and profits.
 What is even more encouraging is the sector outlook which is looking
 stronger.
 
 With the demand picking up and new projects coming up in Middle East
 and Asian markets there are tremendous business potentials.  Similarly,
 large projects are being planned in various other parts of the world
 for the period 2011-2015 which will provide huge impetus. As per Simdex
 the total pipe requirement globally is of the magnitude of 102 Mn tons
 which is equivalent to approximately 3 billion worth of business
 (source: Simdex, future Pipeline Projects, March 2011, Updated).
 Another area which will create vast opportunities is the huge
 replacement market in North America, which is having huge network of
 pipelines which are more than 30 to 40 years old. This is a strong
 market for pipe replacement.
 
 With the oil & gas sector witnessing an upswing we are once again
 witnessing huge capex programs by most of the large oil and gas
 companies. Rising oil and gas exploration will provide impetus to the
 business, across Middle East, Africa, South America, Asia and
 Australia. The recent Shale Gas development in North America and Europe
 shall enable energy security in the region. India is also preparing for
 construction of pipelines (both in Government as well in private
 sector) as the domestic gas availability is poised to increase over the
 years. Welspun is very well positioned to capitalise on the emerging
 opportunities since it has enhanced global footprint and is now present
 in some of the most promising markets. With all such initiatives, we
 are confident of retaining our leadership positions in all our key
 markets to ensure profitable growth.
 
 Yours sincerely,
 
 B. K. Goenka 
 Chairman