Briefs: Welspun Corp, Varroc Polymers, WPIL and Sasken Technologies

Briefs: Welspun Corp, Varroc Polymers, WPIL and Sasken Technologies

Welspun Corp Limited has decided to liquidate part of specified assets lying at Dahej Shipyard

  • By ICN Bureau | September 19, 2023

Welspun Corp to liquidate specified assets at Dahej Shipyard for approx. Rs. 80 crore

Welspun Corp Limited has entered into an agreement with a reputed party for liquidation of a part of specified assets lying at Dahej Shipyard of the company for a consideration of approx. Rs. 80 crore. These assets are being sold on an "as is" basis and all the material would be lifted within this Financial Year.

Varroc Engineering to sell identified plant and machineries to Varroc Polymers

Varroc Engineering Limited (VEL) has entered into an arrangement with its Wholly Owned Subsidiary viz. Varroc Polymers Limited (VPL) for sale of identified plant & machineries/equipment located at company's plant/facility to VPL Chennai Facility.

Further, VPL is also in process of leasing the said identified Plant and Machineries/equipment to VEL' Chennai Facility and the said transaction is expected to be concluded on or before the end of September, 2023.

The said identified transactions will be completed on arm's length basis and prevailing market rates on mutually agreed terms and conditions between the parties. The Audit Committee and & Board of Directors of respective companies have duly approved the above said transactions.

WPIL receives contract for supply of centrifugal pumps and spares

WPIL has received a contract for supply of on board range of centrifugal pumps and spares for different classes of ships from Ministry of Defense (Navy) for 14.3cr which is to be executed over a period of 24 months.

This contract for on board centrifugal pumps will greatly strengthen WPIL product offering to the Indian Navy which is undergoing a major fleet expansion program.

Sasken Technologies approves strategic investment of upto Rs. 50 crores

The Board of directors of Sasken Technologies Limited has considered and approved a proposal, subject to completion of due diligence and regulatory approvals, if any for making a strategic investment not exceeding Rs.50 crores either directly or by entering into a joint venture along with one of the companies having global presence, specializing in Advanced AI/5G/Power driven IP licensing, custom ASIC design and foundry service business.

The said investment would be made to strengthen Sasken Group's IP repertoire and engineering capabilities. We will in due course file the requisite disclosures once they are firmed up.

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