Exicom Tele-Systems has received approval for investment in Exicom Power Solutions B.V., a wholly-owned subsidiary of the Company in Netherlands, upto an aggregate amount of Rs 470 crore, in one or more tranches, through subscription of shares or any other permissible mode subject to compliance of applicable law.
The first tranche of EURO 5,280,000, equivalent to around Rs 48.37 crore shall be remitted on August 05 as share capital in Exicom Power Solutions B.V. subject to FEMA and other applicable compliances.
The objective of investment is to meet the fund requirements of Exicom Power Solutions B.V in view of capitalizing the growing business opportunities and global expansion plans. The Board of Directors of Exicom Tele-Systems at its meeting held on August 05, 2024 has approved the same.
Exicom Tele-Systems specializes in power systems, electric vehicle (EV) charging, and other related solutions.
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