Welspun Home Solutions Limited

Business

Welspun Living Acquires WHSL To Further Odisha Plans

On January 31, the Board of Directors of Welspun Living Limited had approved acquisition of land directly by the company or through any of its subsidiaries or SPV’s near Cuttack, Odisha and for strategic exploration study of future expansion plan there with an initial expenditure of upto Rs 30 crore.

The company informed that its has acquired 100% equity share capital of recently incorporated company viz. - Welspun Home Solutions Limited - (“WHSL”), on March 04, 2024, at fair market value at consideration of Rs 1 lakh for 10,000 equity shares of Rs. 10 each of WHSL.

Odisha is creating an ecosystem to attract investments in textiles, apparel, and technical textiles sectors. The State Level Single Window Clearance Authority (SLSWCA) has greenlit a series of 22 new projects worth Rs 4,066.71 crore spanning various sectors including green energy equipment, chemical, textiles and apparel, steel, iron and ferro alloys, aluminium downstream, food processing, power and renewable energy, IT infrastructure, infrastructure and logistics.

In the textile and apparel sector, OFB Tech introduces a project in Khurdha on men’s and women’s casual top and bottom wear, denim jeans, knitted apparel for women men and kids along with leather products at an investment of Rs 857 crore and 15000 job opportunities. M/s. Enrich Clothing Inc. unveils its project on Readymade Garments manufacturing unit in Cuttack with an investment of Rs 52.50 crore and potential employment to 1020 individuals.

In technical textile sector, Shalimar Wires Industries in Khordha unveils its project synthetic fabric for industrial filtration with a project cost of Rs 76 crore and employment to 100 individuals.