South West Pinnacle Exploration Invests INR 2.80 Crores in Alara Resources Ltd

South West Pinnacle Exploration Ltd (SWPE) is investing INR 2.80 Crores in Alara Resources Ltd (ARL), an Australia-based mining and exploration company. The investment is for 1,25,00,000 Ordinary Shares of ARL at a subscription price of AUD 0.04 per share. The investment is expected to be completed in approximately one month and will be covered under the automatic route of Foreign Exchange Management (Overseas Investment) Rules, 2022. SWPE and ARL have two joint ventures in Oman and SWPE's promoters hold approximately 9% equity shares in ARL. The investment is expected to bring operational synergies and further SWPE's business in Oman.