Welspun Enterprises plans to expand operations in infrastructure, apply for NBFC licence
DSIJ Intelligence / 25 Jul 2017
Welspun Enterprises has announced on Tuesday that the company plans to expand its operations in infrastructure and to apply for NBFC (Non-Banking Financial Company) licence.
Formerly known as Welspun Projects, Welspun Enterprises has announced on Tuesday that the company plans to expand its operations in infrastructure and to apply for NBFC (Non-Banking Financial Company) licence.
In the infrastructure space, WEL (Welspun Enterprises Ltd) has agreed to acquire 49% stake in two NHAI Hybrid Annuity Model (HAM) projects from MBL Group, subject to necessary approvals and statutory compliances.
The board of directors of the company has approved the proposal of its subsidiary, namely Welspun Financial Services, to apply to RBI for NBFC licence. WEL will be holding 60% stake in its subsidiary. The remaining 40% will be held by the Welspun promoter group.
At Rs 138.90 per share, the stock was trading down by 1.49% on BSE at 1007 hours. It opened at Rs 143. The stock touched an intraday high and low at Rs 144.55 and Rs 137.80, respectively.
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