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SHILPI - Shilpi Cable Technologies News Story

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Last Trade - 15/05/19

Sector
Industrials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £391.8m
Position in Universe th / 3000

BRIEF-Shilpi Cable Technologies approves setting up project at Abu Dhabi at investment of $150 mln

Tue 31st May, 2016 4:27am
May 31 (Reuters) - Shilpi Cable Technologies Ltd  SHIC.NS : 
 * Approved setting up project at Abu Dhabi with capacity of 60,000 MT for 
   making copper products with investment of $150 million 
 * Approved acquisition of 100% share of Shilpi Worldwide Pte Ltd, Singapore 
   from Shilpi Worldwide DMCC at value of USD 5.3 million 
 
 * Source text: Shilpi Cable Technologies Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 
2016, inter alia, has considered and approved the following: 
 
1. Setting up of project at Abu Dhabi, UAE through its subsidiary, having capacity of 60,000 MT for manufacturing of copper products with an investment of 150 million US Dollar out of which 50 million US Dollar will be invested through equity and the balance 100 million US Dollar will be through debt. 
 
2. Acquisition of 100% share of Shilpi Worldwide PTE Ltd, Singapore which is presently a step down wholly owned subsidiary of the Company. The Company shall buy 100% the shares of Shilpi Worldwide PTE Ltd, Singapore from company's direct wholly owned subsidiary -Shilpi Worldwide DMCC at the value of USD 5,303,947. After this transaction, Shilpi Worldwide PTE Ltd, Singapore shall be a direct wholly owned subsidiary of the Company instead of step down wholly owned subsidiary. The proposed transaction is subject to the requisite statutory approval(s). 
 
 * Further company coverage  SHIC.NS   
 ((Bengaluru Newsroom; +91 80 6749 1130))
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