The Board of Welspun Living at its meeting held on 25 April 2024 has approved restructuring of overseas subsidiaries.
As part of the as part of the overall strategy of the Company to make the
structure of the Company leaner and transparent and reduce the doubling of operational administrative expenses and compliances, the Company intended to reduce number of entities (direct and indirect subsidiaries of the Company) and further eliminate non-operational entities.
Accordingly, as part of first phase, the Board of Directors of the Company had on 31 July 2023 approved the a scheme of amalgamation providing for amalgamation of Anjar Integrated Textile Park Developers, Anjar Terry Towels, Besa Developers and Infrastructure, Welspun Zucchi Textiles and Welspun Flooring, wholly owned subsidiaries with itself. Post obtaining the requisite approvals, the said amalgamation was made effective on 09 April 2024.
As part of the next phase, the Board has after deliberations, considered, and approved the following:
- Liquidation of entities in United States of America namely, TILT
Innovations Inc., Welspun Nexgen Inc., and Christy Lifestyle LLC.
- Formation of Overseas Restructuring Committee comprising of Mr.
Altaf Jiwani and, Wholetime Director and Sanjay Gupta, Chief
Financial Officer to consider, examine and evaluate the proposals to
liquidate / deregister / dissolve / wind up the non-operational entities
in other foreign jurisdictions namely United Kingdom, Cyprus,
Mauritius and Mexico and to implement the most efficient option in
accordance with applicable laws and compliances required.
The entities referred to above presently do not have any business operations and are not material subsidiary of the Company. Hence the Board of Directors of the Company does not envisage any impact on the existing operations of the Company pursuant to this exercise.