Shilpi Cable Technologies has received an approval for acquisition of 100% share of Shilpi Worldwide, Singapore which is presently a step down wholly owned subsidiary of the company. The company shall buy 100% the shares of Shilpi Worldwide, Singapore from company’s direct wholly owned subsidiary -Shilpi Worldwide DMCC at the value of $5,303,947. The board of directors at its meeting held on May 30, 2016 has approved for the same.
After this transaction, Shilpi Worldwide, Singapore shall be a direct wholly owned subsidiary of the company instead of step down wholly owned subsidiary. The proposed transaction is subject to the requisite statutory approval(s).
The board has also approved for setting up of project at Abu Dhabi, UAE through its subsidiary, having capacity of 60,000 MT for manufacturing of copper products with an investment of $150 million out of which $50 million will be invested through equity and the balance $100 million will be through debt.
