Shilpi Cable Technologies today said it will invest USD 150 million (Rs 1,010 crore) 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 per cent share of Shilpi Worldwide PTE Ltd, Singapore which is presently a step down wholly owned subsidiary of the company.
"The company shall buy 100 per cent 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.
