H.G. Infra incorporates Section 8 SPV for PM-SETU ITI project
HGINFRA · price
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H.G. Infra Engineering has incorporated H.G. Talent Edge Foundation ITI Bhiwadi, a Section 8 not-for-profit company, as a 51 percent subsidiary SPV. This was required under the RFP conditions for the PM-SETU ITI Bhiwadi Cluster project earlier awarded by the Rajasthan government. H.G. Infra subscribed Rs 51,000 for 5,100 shares of Rs 10 each. The new entity is yet to commence operations and has no turnover.
Procedural SPV formation to comply with existing government contract terms. No material financial impact as the entity just incorporated and has not started operations.