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

Shilpi Cable Technologiestoday said it will invest $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 $150 million".

It added that it will invest $50 million through equity and the balance $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 $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.

source:The Economic Times