Welspun Corp Limited to invest in SPV for renewable energy project

In pursuit of sustainability mandate under ESG framework of Welspun Corp Limited, the Board has in principle approved investment in equity shares at par upto Rs. 40 Crore to acquire upto 26% equity share capital of a proposed SPV for implementation of renewable energy project in the state of Gujarat as a captive / group captive unit. The investment is expected to be done during FY23, subject to detailed due diligence.

The Board has approved investment in Welspun Transformation Services Limited ("WTSL"), a newly incorporated company of the Welspun group, at par value, for 19% of the equity share capital of WTSL for an amount upto Rs. 57 Lakh. The investment is expected to be done during FY23.

WTSL proposes to provide services for processing transactions relating to finance, HR, procurement, supply chain, information technology(IT), ITES etc. for the Company and its subsidiaries, both in India and abroad. WTSL will deploy robotic process automation (RPA), machine learning, artificial intelligence for improving productivity and controls. The Company proposes to use the services offered by WTSL for consolidating and scaling up its digital journey and business transformation.

Shares of Welspun Corp Limited was last trading in BSE at Rs. 206.00 as compared to the previous close of Rs. 200.30. The total number of shares traded during the day was 94766 in over 1620 trades.

The stock hit an intraday high of Rs. 211.90 and intraday low of 201.00. The net turnover during the day was Rs. 19537849.00.

Source : Equity Bulls

Keywords

WelspunCorp INE191B01025 Investment SPV RenewableEnergyProject