Welspun India shines as its arm WEL invests Rs 885 crore for solar projects

06 Mar 2013

Welspun India is currently trading at Rs. 72.10, up by 1.00 points or 1.41% from its previous closing of Rs. 71.10 on the BSE.

The scrip opened at Rs. 72.85 and has touched a high and low of Rs. 72.95 and Rs. 71.20 respectively. So far 2,106 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 82.80 on 01-Feb-2013 and a 52 week low of Rs. 35.10 on 09-Mar-2012.

The current market cap of the company is Rs. 720.04 crore.

The promoters holding in the company stood at 67.61% while Institutions and Non-Institutions held 18.54% and 13.85% respectively.

Welspun India’s business arm - Welspun Energy (WEL), India’s biggest developer of solar projects has invested Rs 885 crore for its 130 megawatt (MW) solar project in Madhya Pradesh. It has arranged the fund from a banking consortium led by the Central Bank of India.

The company aims to commission the project located in Mindshare district of Madhya Pradesh by May 2014. The 130 MW project is the largest solar project in the country. WEL, which outbid 12 others to get the project, had agreed to sell power at Rs 8.05 per unit. The project will meet the state’s annual power deficit of 17.9% and will enable powering of 660,000 homes and mitigating 229,550 tonnes of carbon annually.

Welspun Energy is part of the $3.5 billion Welspun Group, which has interests in power generation, infrastructure, exploration and production of oil and natural gas, steel pipes and textiles.

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