On behalf of the Board of Directors, I am pleased to present you the 24th
Annual Report of your Company – SEPC Limited, for the year ended March 31, 2024.
I also have pleasure in informing you that the Wholly Owned Subsidiary (WOS) of your
Company M/s Shriram EPC FZE, Sharjah had successfully concluded the execution of Share
Purchase Agreement for the acquisition of 75% of ALMOAYYED Electrical Equipment &
Instrumentation Systems LLC (AEEIS) Abudhabi, UAE.
I am also glad to announce that the WOS in Sharjah Free Zone has received the Notice to
commence work on Construction of Cement Project at a total project cost in excess of USD
325 Million (equivalent to in excess of Rs 2,700 Cr at current Exchange Rate) from M/s JV
OHONGORON SEMENT MS LLC at Tashkent, Republic of Uzbekistan.
Your Company has also registered a new WOS in Saudi Arabia to execute projects in
rapidly expanding Saudi market.
Your Company successfully concluded Rights Issue of Rs 49.90 crores each in May 23 and
December 2023 for augmenting working capital. Furthermore, in July 2024, your Company had
concluded Rights Issue of Rs.200 Crores, partially for Pre-payment of Cash Credit and
balance for long-term working capital requirements of your Company. I express my heartfelt
gratitude to all the investors who exhibited confidence in the Company and its new
Management, resulting in an over subscription of the issue.
Our dedicated team is actively pursuing new opportunities in India to enhance our order
book. In line with our strategic expansion efforts, and with the WOS and Step-down
Subsidiaries are poised to unlock promising opportunities overseas.
I take this opportunity to extend my appreciation to all stakeholders, including our
esteemed bankers, for their unwavering and proactive support. I also extend my heartfelt
thanks to our dedicated employees, who are optimistic about the future prospects of your
Company. I wish each of you, as shareholders, and the Company as a whole, continued
success and prosperity.
Warm regards,
Abdulla Mohammad Ibrahim Hassan Abdulla
Chairman