Swelect Energy Systems has received an approval for setting up of a subsidiary company in US by name ‘Swelect Inc.’ to expand its solar business operations abroad. The investment shall be up to $850,000 in the form of share capital, working capital loan and Standby Letter of Credit (SBLC).
The board of directors at its meeting held on February 05, 2016 has approved and taken note of it. The board also considered and approved investment up to Rs 2 crore by way of subscription to the share capital of SWELECT Solar Energy.
Swelect Energy Systems formerly ‘Numeric Power Systems’ is a leading Power Electronics and Renewable Energy company.
