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Swelect Energy Systems: Outcome of board meeting

Swelect Energy Systems: Outcome of board meeting

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Swelect Energy Systems Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 05, 2016, has transacted the following:1. The Board of Directors considered and approved Investment upto Rs. 2 crores by way of subscription to the Share capital of SWELECT Solar Energy Private Limited.2. The Board also considered and approved setting up of a subsidiary Company in US by name SWELECT INC to expand its Solar business operations abroad. The Investment shall be upto 850,000 US$ in the form of Share capital, Working Capital loan and Standby Letter of Credit (SBLC).3. The Wholly Owned Subsidiary Company SWELECT ENERGY SYSTEMS PTE LIMITED has set up a subsidiary Company in Singapore in the name SWELECT ENERGY SYSTEMS (ASIA PACIFIC) PTE LIMITED, with 51% stake in the Company.

Source : BSE

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Anand Gupta Editor - EQ Int'l Media Network

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