Outcome of board meeting of Welspun India – EQ Mag Pro
The Board of Welspun India at its meeting held on 10 May 2022 has approved the following businesses:
In pursuit of sustainability mandate under ESG framework of the Company, the Board has approved investment in equity shares at par upto Rs. 31 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.
Further, the Board has approved subscription to 19% equity share capital of a newly incorporated company viz. Welspun Transformation Service (WTSL), being a related party of the Company, at par for an amount of Rs. 57 lakh. WTSL proposes to provide services for processing transactions relating to finance, HR, procurement, supply chain, information technology etc. in India and abroad. WTSL will deploy robotic process automation (RPA), machine learning, artificial intelligence for improving productivity and controls. The investment is expected to be done during FY23.
Source: capital markets
