Kalpataru Power Transmission Ltd has incorporated a subsidiary in Republic of Senegal, to undertake business activities in the west African country.
In a stock exchange filing, Kalpataru Power Transmission Ltd said that it has incorporated a wholly-owned subsidiary in the Republic of Senegal. The company was incorporated on August 10, 2020 but received the notice of registration from the Senegal authority concerned only on August 31, 2020, KPTL said in a stock exchange communicated dated September 2, 2020.
Named Kalpataru Power Senegal – SARL, the new company (KPSS) will engage in businesses similar to that of its parent company, namely power transmission & distribution, as well as railways.
Explaining the rationale of forming this new entity, KPTL said that it was already executing power T&D projects in the Republic of Senegal and as required by local laws, KPSS has been incorporated as a local entity for the execution of such projects. KPSS shall also evaluate other business opportunities considering the market scenario, the stock exchange filing by KPTL noted.
KPTL has fully subscribed to the initial equity capital of KPSS that stands at around Rs.1.33 lakh.
It may be mentioned that the official currency of the Republic of Senegal is West African CFA franc, denoted as XOF. The indicative exchange rate is 1 USD = 554.38 XOF.
According to information available, Kalpataru Power Transmission Ltd has incorporated such wholly-owned subsidiaries in several countries including USA, UAE, Kingdom of South Africa, Ukraine and Sweden, among others.
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