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Swelect Energy Systems announced that the Board of Directors of the Company at its meeting held on 05 February 2016, has transacted the following:
1. The Board of Directors considered and approved Investment upto Rs. 2 crore by way of subscription to the Share capital of SWELECT Solar Energy.
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 has set up a subsidiary Company in Singapore in the name SWELECT ENERGY SYSTEMS (ASIA PACIFIC), with 51% stake in the Company.
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