Welspun acquires 49 per cent stake in MBL projects

Welspun Enterprises acquired 49 per cent stake in MBL Group’s two projects for a consideration of Rs. 23 crore. The company shall replace the bank guarantees provided by MBL group within 60 days.

These projects are for 4-Laning of Chutmalpur-Ganeshpur section of NH-72A and Roorkee-Chutmalpur-Gagalheri section of NH-73 and for 4-Laning at Gagalheri-Saharanpur-Yamunanagar (UP/ Haryana border) section of NH-73.

Welspun Enterprises is engaged in the business of infrastructure, trading and oil and gas. The company with a market capitalization of Rs. 2,658 crore opened on Monday at Rs. 183 per share and touched an intraday high of Rs. 185.45 per share. The company proved to be a turnaround in the year 2017 as its profit came in at Rs. 6.98 crore compared to a loss of Rs. 2.69 crore in 2016.