Outcome of board meeting of Swelect Energy Systems
Held on 05 February 2016
Swelect Energy Systems announced that the Board of Directors of the Company at its meeting held on 05 February 2016, has transacted the following:1. The Board of Directors considered and approved Investment upto Rs. 2 crore by way of subscription to the Share capital of SWELECT Solar Energy.
2. The Board also considered and approved setting up of a subsidiary Company in US by name SWELECT INC to expand its Solar business operations abroad. The Investment shall be upto 850,000 US$ in the form of Share capital, Working Capital loan and Standby Letter of Credit (SBLC).
3. The Wholly Owned Subsidiary Company SWELECT ENERGY SYSTEMS has set up a subsidiary Company in Singapore in the name SWELECT ENERGY SYSTEMS (ASIA PACIFIC), with 51% stake in the Company.
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