Welspun Enterprises has received approval for acquisition of 50.10% stake in Michigan. The Board of Directors of the company at its meeting held July 27, 2023, has approved the same. The company has signed a Share Purchase Agreement (SPA) on July 27, 2023 with Authum Investment & Infrastructure, Sansaar Housing Finance and Michigan, for purchase of stake in Michigan, for consideration Rs 137.07 crore, subject to the satisfactory completion of conditions precedent as set out in the SPA. Upon completion of acquisition of 50.10% equity shares of Michigan, Michigan will become a subsidiary of Welspun Enterprises.
The acquisition is in line with the strategy of Welspun Enterprises to grow the water infrastructure business segment and enable its entry into the tunneling business, which is an adjacency to the existing water and road business. The acquisition would enable Welspun Enterprises to undertake projects in relation to areas of micro tunnelling, segment tunnelling and sewer network rehabilitation, through Michigan.
Welspun Enterprises (WEL) (Formerly known as Welspun Projects), part of the Welspun Group, is an operating Company as well as a holding company. The Company’s key activity is in the infrastructure business.
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