Steelman Telecom has completed the acquisition of additional 50,00,000 equity shares of EC Wheels India by way of Preferential allotment on private placement basis. Consequent to the said acquisition, the company's shareholding in EC Wheels India is increased from 52.38% to 99.80% and EC Wheels India becomes the Wholly Owned Subsidiary of the company with effect from March 2, 2023.
The objective of acquisition is to Invest in the subsidiary Company for business development. EC Wheels intends to utilize the funds for part payment towards purchase of Electric Passenger Cars and towards installation and infrastructure of charging station.
Steelman Telecom offers support services and solutions to address the Network requirements of the Telecom industry. It provides services for Network Survey and Planning, Installation and Commissioning, Network Testing and Optimization, Network Solutions and Managed Services for network maintenance.
