Brief: Swelect Energy Systems' board approves proposal of buying 100 pct equity share capital of Swelect Power Systems Pvt Ltd

Swelect Energy Systems

11/04/2016 12:08

April 11 (Reuters) - Swelect Energy Systems Ltd  SWEL.NS : 
 * Board approved proposal of acquiring 100% equity share capital of Swelect 
   power systems private limited 
 * Participated in kredl solar power project announced by karnataka 
   government;co submitted bid and won 10 mw solar power project 
 
* Source text: Swelect Energy Systems Ltd has informed BSE that the Company participated in KREDL Solar Power Project announced by Karnataka Government recently. Under the DCR Category eligible for Karnataka based Solar Module manufacturers, the Company submitted the bid and won a 10 MW Solar Power project. The Board of Directors at their meeting held on April 11, 2016 have approved the proposal of acquiring 100% equity share capital of SWELECT Power Systems Private Limited (SPSPL) at Face Value for utilizing the said Company (SPSPL) as SPV for the above 10 MW Project from execution to operation and maintenance and passed necessary resolutions accordingly. 
 
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