Webel-Sl to exit from Singapore JV

Kolkata-based Webel-Sl Energy Systems Ltd said on Thursday it will disinvest its entire 49 per cent stake in a Singapore-based joint venture company, Solar Energy Power Pvt Ltd, for at least Rs 2.16 crore (Rs 21.6 million).

The Board of Directors of the company approved the proposal to sell off the entire holding of 4.90 lakh shares of S$1 each (approximately Rs 29) held in the JV to a prospective buyer, Webel-Sl informed the Stock Exchanges.

However, the name of the prospective buyer has not been disclosed.

The company is engaged in the business of manufacturing solar photovoltaic cells. Webel-SI Energy's share plunged 10 per cent on Thursday to hit its lower circuit limit for the day at Rs 236.80.

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