Bharat Wire Ropes has entered into Share Purchase Agreement and Shareholders’ Agreement on January 6, 2023 and invested a total amount of Rs 2.41 crore constituting 26.72% in the paid-up share capital of MITCON Solar Alliance (MSAL). Further, pursuant to the said acquisition of shares, MSAL will become an Associate of the Company.
In order to comply with regulatory requirement for captive power consumption under Indian Electricity laws, the company will acquire and maintain 26.72% stake in MSAL throughout the term of the Power Supply Agreement, Share Purchase and Shareholders’ Agreement.
Bharat Wire Ropes is a wire rope and wires manufacturing company. It is engaged in manufacturing and sales of wire ropes, structural strands, slings and wires which find its application in general engineering, fishing, elevators, cranes, material handling, power transmission, suspension bridges, onshore / offshore oil exploration, ports and shipping, mining, defence, railways etc. It is also engaged in the business of trading of the steel related products.
