Welspun Enterprises (WEL) is planning to expand its operations in infrastructure and to apply for NBFC (Non-Banking Financial Company) licence. The board of directors of WEL has approved the proposal of its subsidiary, namely Welspun Financial Services (WFSL), to apply to RBI for NBFC licence. WEL will be holding 60% stake in the subsidiary. The remaining 40% will be held by the Welspun promoter group.
In the infrastructure space, WEL has agreed to acquire 49% stake in two NHAI Hybrid Annuity Model (HAM) projects from MBL Group, subject to necessary approvals and statutory compliances. WEL will be the sponsor to these two projects, thus expanding its HAM project portfolio to three projects. The consideration for the stake purchase is Rs 23 crore. The company has the option to acquire the remaining 51% stake in these projects as and when the regulator (NHAI) permits. The consideration for the purchase of the remaining stake is fixed at Rs 24.5 crore.
Welspun Enterprises, formerly Welspun Projects, part of the Welspun Group, is an operating company in the infrastructure business. The company also has investments in Oil & Gas Exploration.