Welspun acquires 49 per cent stake in MBL projects

Raghav BisaniCategories: Markets, Trendingjoin us on whatsappfollow us on googleprefered on google

Welspun acquires 49 per cent stake in MBL projects

Welspun Enterprises acquired 49 per cent stake in MBL Group’s two projects for a consideration of Rs. 23 crore.

Welspun Enterprises acquired 49 per cent stake in MBL Group’s two projects for a consideration of Rs. 23 crore. The company shall replace the bank guarantees provided by MBL group within 60 days.

 

These projects are for 4-Laning of Chutmalpur-Ganeshpur section of NH-72A and Roorkee-Chutmalpur-Gagalheri section of NH-73 and for 4-Laning at Gagalheri-Saharanpur-Yamunanagar (UP/ Haryana border) section of NH-73.

 

Welspun Enterprises is engaged in the business of infrastructure, trading and oil and gas. The company with a market capitalization of Rs. 2,658 crore opened on Monday at Rs. 183 per share and touched an intraday high of Rs. 185.45 per share. The company proved to be a turnaround in the year 2017 as its profit came in at Rs. 6.98 crore compared to a loss of Rs. 2.69 crore in 2016.