Steel Strips Wheels Ltd. to Acquire Additional Shares in Echanda Urja Private Limited for Renewable Power Procurement

Steel Strips Wheels Ltd. has approved the acquisition of 37582 equity shares of Echanda Urja Private Limited (EUPL) at a consideration of Rs. 3.76 lakhs. This acquisition aims to procure additional renewable (wind) power 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 incorporated under the Companies Act, 2013 and is based in India, with a history of increasing turnover over the last 3 years.