SWELECT Energy Systems Ltd to form subsidiary SWELECT Sustainable Energy Pvt Ltd

The Board of Directors of SWELECT Energy Systems Limited have given an approval for incorporating a Wholly Owned Subsidiary (WOS) in the name and style, 'SWELECT Sustainable Energy Private Limited' (based on the name availability letter dated 6.1.2024 and extension letter dated 23.1.2024 issued by the Ministry of Corporate Affairs, Office of the Registrar of Companies, Central Registration Centre) and the WOS will engage in Generation of Solar Power by setting up of solar power plant.

Once the proposals received from the industrial consumers have been materialized, the electricity generated by the WOS will be sold to the industrial consumers around Tamil Nadu based on the requirements of the respective consumers.

The Solar Power Plant will be set up under Captive Use Scheme through Intra State Open Access System. Listed below the key approvals that are required to set up a Solar Photovoltaic Plant.

1) Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), Government of Tamil Nadu.

2) Chief Electrical Inspectorate General (CEIG), Government of Tamil Nadu.

As per the name approval letter issued by Ministry of Corporate Affairs (MCA), the said name is available for registration up to 15.02.2024. The Company shall complete the registration process within the above timeline.

Shares of Swelect Energy Systems Limited was last trading in BSE at Rs. 770.85 as compared to the previous close of Rs. 767.60. The total number of shares traded during the day was 21899 in over 1382 trades.

The stock hit an intraday high of Rs. 812.55 and intraday low of 762.45. The net turnover during the day was Rs. 17197349.00.

Source : Equity Bulls

Keywords

SwelectEnergySystems INE409B01013 Approval Subsidiary SwelectSustainableEnergy