Welspun India sets up US arm to invest in e-commerce firms
New Delhi: Textile firm Welspun India has incorporated a wholly-owned subsidiary in the US to invest in e-commerce companies.
“The company has incorporated a wholly-owned subsidiary Welspun Nexgen Inc. registered with the state of Delaware, US having paid up capital of $4.25 million to make investment in e-commerce companies,” Welspun India said in a BSE filing.
The firm, however, did not elaborate on the matter.
Shares of Welspun India were trading 2.23% higher at Rs73.40 per scrip on the BSE.