Considering the increasing global focus on transition to green energy alternatives to offset the impact of carbon driven climate change, the Board of Directors of Welspun Enterprises Limited in its meeting held on January 31, 2023 has decided to explore businesses relating to sustainable energy solutions.

For this purpose, the board has approved acquisition of Welspun New Energy Limited (WNEL) (formerly known as Yeona Renewable Energy Limited), a promoter group company, at the fair value of Rs. 1 lakh to acquire 100% equity share capital being the face value thereof.

WNEL was incorporated on June 1, 2022 to carry out the business relating to generation, distribution and supply of electricity using petroleum products, or any other substance inter-alia, wind energy, solar energy, renewable energy, wave energy, tidal energy, hydro energy and thermal energy and as manufacturers, sellers, buyers, distributors, converters, transporters, processors, assemblers, integrators and dealers of hydrogen and its derivative chemicals including ammonia and methanol and other derivative chemicals.

The company's focus was global on transition to green energy alternatives to offset the impact of carbon driven climate change. Post exploration, the company shall approach its board for approvals with respect to business plan and other commitments, if any.