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The Welspun Group is in the expansion phase and is tripling its capacity in the United States in the energy sector with an investment of around $400 million, said Welspun World Chairman BK Goenka.
Speaking to CNBC-TV18 on the sidelines of the World Economic Forum (WEF) Summit in Davos, Goenka said that over the next five years, there is going to be a good visibility for energy sector in the US, whether it comes from oil, gas, renewable or nuclear energy.
"We are already in expansion phase and we are almost tripling our capacity in US with an investment of over $400 million. That's going to triple our topline and hopefully we'll see a better bottom line as well," Goenka said.
Overall, the multinational conglomerate is expanding in the energy sector with an investment of over $500 million, with $100 million investment in Saudi Arabia.
On the US actions in Venezuela and the American oil companies going to go all, Goenka said that nothing substantial is expected to happen immediately.
"Immediately, nothing is going to happen there. It takes three to five years to develop the oil and gas area. I think we have still time to go," he said, agreeing that though there is a lot of buzz around the development but on the ground "things are not yet settled."
Dipali Goenka, CEO of Welspun Living that deals in the textile sector, said that the companies that are going to survive are ones that are resilient, agile and sustainable in the changing world with threats and impacts of tariffs.
She further said that Welspun is not going to lose the market share and is working to explore opportunities to lessen the impact of tariffs on the business.
"We have been working in America for more than two decades and these relationships just don't go as mere vendor and retailer partnerships. They are strategic partnerships and these are inked for the next three to five years," she said.
"These things will happen (tariffs could impact the business) but the relationships should be resilient," she added.
"We are not going to lose the market share. We are the largest. We will continue to retain that market share. Yes, we will take that brunt but we are working to see how we can lessen that impact."
She further said that there are also opportunities in other parts of the world such as UK, Europe, India and the rest of the world.
She admitted that margins of the company are going to be affected, however, cost, optimisation, technology and AI and their implementation are going to be some ways that can be some measures to mitigate the impact by the tariffs.
Speaking to CNBC-TV18 on the sidelines of the World Economic Forum (WEF) Summit in Davos, Goenka said that over the next five years, there is going to be a good visibility for energy sector in the US, whether it comes from oil, gas, renewable or nuclear energy.
"We are already in expansion phase and we are almost tripling our capacity in US with an investment of over $400 million. That's going to triple our topline and hopefully we'll see a better bottom line as well," Goenka said.
Overall, the multinational conglomerate is expanding in the energy sector with an investment of over $500 million, with $100 million investment in Saudi Arabia.
On the US actions in Venezuela and the American oil companies going to go all, Goenka said that nothing substantial is expected to happen immediately.
"Immediately, nothing is going to happen there. It takes three to five years to develop the oil and gas area. I think we have still time to go," he said, agreeing that though there is a lot of buzz around the development but on the ground "things are not yet settled."
Dipali Goenka, CEO of Welspun Living that deals in the textile sector, said that the companies that are going to survive are ones that are resilient, agile and sustainable in the changing world with threats and impacts of tariffs.
She further said that Welspun is not going to lose the market share and is working to explore opportunities to lessen the impact of tariffs on the business.
"We have been working in America for more than two decades and these relationships just don't go as mere vendor and retailer partnerships. They are strategic partnerships and these are inked for the next three to five years," she said.
"These things will happen (tariffs could impact the business) but the relationships should be resilient," she added.
"We are not going to lose the market share. We are the largest. We will continue to retain that market share. Yes, we will take that brunt but we are working to see how we can lessen that impact."
She further said that there are also opportunities in other parts of the world such as UK, Europe, India and the rest of the world.
She admitted that margins of the company are going to be affected, however, cost, optimisation, technology and AI and their implementation are going to be some ways that can be some measures to mitigate the impact by the tariffs.
