Shilpi Cable to invest $150 mn to set up plant in UAE

Shilpi Cable Technologies said it will invest USD 150 million for setting up of a plant for manufacturing copper products in Abu Dhabi, UAE.

In a BSE filing, the company said its board has approved "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 USD 150 million".

It added that it will invest USD 50 million through equity and the balance USD 100 million will be through debt.

The board also approved acquisition of 100 percent share of Shilpi Worldwide PTE Ltd, Singapore which is presently a step down wholly owned subsidiary of the company.

"The company shall buy 100 percent of the shares of Shilpi Worldwide PTE Ltd, Singapore from the company's direct wholly owned subsidiary -Shilpi Worldwide DMCC at the value of USD 5,303,947," it added.

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 approvals.

e-Eighteen.com