Shilpi Cable Technologies has received its board’s approval to set up a project at Abu Dhabi, UAE, through its subsidiary. The unit will have manufacturing capacity of 60,000 tonnes of copper products and will entail an investment of $150 million, of which $50 million will be in the form of equity and the balance $100 million of debt.
The company’s board also approved acquisition of 100% shares of Shilpi Worldwide, Singapore, presently a step down wholly owned subsidiary of the company, from the company’s direct wholly owned subsidiary Shilpi Worldwide DMCC, at a value of $5.3 million. After this transaction, Shilpi Worldwide, Singapore, will become a direct wholly owned subsidiary of the company.
