Welspun Corp, a leading large diameter line pipe manufacturing company, announced a joint venture (JV) with Wasco Energy on Tuesday. The joint company will set up a Concrete Weight Coating (CWC) plant at Anjar, Gujarat. Welspun Corp will hold 51% and Wasco will hold 49% in the joint venture company.

"The venture will augment Welspun Corp's offering to the market duly supported by Wasco's strong credentials in concrete weight coating business globally," the company said.

The capital expenditure for the project forms a part of FY15-16 planned capex of around 2 billion, it added.

Shares of the company declined Rs 4.6, or 4.43%, to trade at Rs 99.15. The total volume of shares traded was 114,096 at the BSE (12.07 p.m., Tuesday).