Swelect Energy Systems Limited announced that at its Board Meeting held on May 29, 2023, the Board of Directors of the Company have given approval for incorporating a Wholly Owned Subsidiary (WOS) in the name and style, 'SWELECT Clean Energy Private Limited' (based on the name availability letter dated 18.05.2023 issued by the Ministry of Corporate Affairs, Office of the Registrar of Companies, Central Registration Centre) and the WOS will engage in setting up of solar power plant. Once the proposals received from the industrial consumers have been materialized, the electricity generated by the WOS will be sold to the industrial consumers around Tamil Nadu based on the requirements of the respective consumers. The Board also approved the investment of INR 100,000 in the Equity Capital of the said WOS.