Shera Energy Ventures into Zambia with Inauguration of Shera Zambia Limited
Jan 16, 2024
PNN
Mumbai (Maharashtra) [India], January 16: Shera Energy Limited. (NSE - SHERA), engaged in the business of manufacturing winding wires and strips made of non-ferrous metals, proudly announce the establishment of its new subsidiary, Shera Zambia Limited, in the rapidly developing country of Zambia. The company's latest venture aims to produce high-quality winding wire and cables, addressing the current dependence on imports in Zambia.
Shera Zambia Limited strategically serves not only the local market but also neighboring countries such as Tanzania, Congo, Angola, Zimbabwe, Namibia, Rwanda, among others. The facility capitalizes on growing demand for its products driven by infrastructure schemes funded by the World Bank and other financial institutions.
With an initial investment of approximately Rs 10 crore, the company has already secured supply orders worth Rs 5 crores in Zambia. Shera Zambia Limited plans to utilize Zambia's abundant copper, lead, zinc, and cobalt for electric vehicle batteries. The company will add value locally and export to India, creating a mutually beneficial supply chain. Actively participating in infrastructure projects, Shera Zambia demonstrates commitment to sustainable practices through its mining lease application.
Shera Energy Limited has disinvested Rs 11 crore to fund the Rs 10 crore investment in Shera Zambia Limited, holding a 98 per cent capital stake. The remaining two percent is owned by the promoter group. This move marks a significant step in Shera Energy Limited's international expansion, contributing to the economic development of Zambia and the broader Central African region.
Naseem Shaikh, Chairman and Managing Director, Shera Energy Limited, said "We're thrilled to announce the establishment of SHERA ZAMBIA LIMITED in the rapidly developing country of Zambia. This strategic move aligns with our international growth plans, anticipating a 10 per cent increase in production capacity in Jaipur.
We have conducted a detailed study on the possibilities in Zambia, a country abundant in minerals. Our unit in Zambia will aim to harness these resources by purchasing mineral products from the market, adding value to them, and exporting back to India.
This move signifies a pivotal step in Shera Energy Limited's international expansion strategy, reinforcing its commitment to fostering economic development in Zambia while enhancing the company's global footprint."
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