Ram Ratna Wires has received approval from Board of Directors of the Company for acquisition of 60% of the paid-up share capital of Tefabo Product (Tefabo). Tefabo is engaged in the business of manufacturing fabricated components and assemblies and having complete fabrication set up and strong presence in renewable energy sector and many MNC’s on board as their clients.
The Board has approved the investment in Tefabo by way of acquisition of 18,00,000 equity shares of Rs 10 each fully paid-up from certain existing shareholders of Tefabo, aggregating to 60% of the total paid-up share capital of Tefabo. The Transaction is subject to satisfaction of the conditions stipulated in the definitive documents and receipt of necessary approvals as may be required.
India has taken an ambitious target of achieving 500 GW of renewable energy by 2030 and is planning to be carbon neutral by year 2070. As such Renewable Energy sector will be further booming in coming years. The Company aims to establish a strong presence in the dynamic and growing sectors of renewable energy and railways. Tefabo is already supplying critical mechanical components to leading companies in India and abroad within these industries.
Ram Ratna Wires is engaged in manufacturing of enamelled copper winding wires. Its products include modified polyester copper wires, polyesterimide wires, polyurethane self solderable wires and dual coated wires.
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|---|---|
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| ABB India | 7029.95 |
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