Steel Strips Wheels Ltd. to Acquire Shares of EChanda Urja Private Ltd. for Renewable Power Procurement

Steel Strips Wheels Ltd. has approved the acquisition of 37582 equity shares of EChanda Urja Private Ltd. (EUPL) at a consideration of Rs. 3.76 lakhs. The acquisition is for the purpose of procuring additional renewable (wind) power from EUPL for the Chennai plant of the company under the Group Captive Scheme. The company currently holds 3.81% equity in EUPL and post this additional investment of Rs. 3.76 lakhs, the total investment in EUPL will amount to Rs. 11.91 Lakhs (119116 equity shares of FV Rs. 10/- each) i.e. 5.57%. EUPL is a wind power generation company incorporated in India on 12.11.2014 with a paid-up capital of Rs. 214.00 Lakhs and a history of last 3 years turnover as under: Rs. 12.147.73 lakhs, Rs. 11,665.55 lakhs, Rs. 11,818.81 lakhs.