Welspun India Ltd. (BSE:514162) agreed in principle to acquire remaining 50% stake in Welspun Zucchi Textiles Ltd. from Vincenzo Zucchi SpA (BIT:ZUC) for INR 54.5 million in cash on September 19, 2014. Welspun India will sell 2.75 million shares in Welspun Zucchi Textiles. On completion, Welspun Zucchi Textiles will become a 100% subsidiary of Welspun India. Welspun Zucchi Textiles reported net assets of INR 119.9 million on September 19, 2014. The transaction is subject to approval of shareholders of Welspun India. Welspun India Board recommended the shareholders to approve the deal. The meeting of the shareholders of Welspun India will be held on September 25, 2014. As on September 25, 2014, the shareholders of Welspun India approved the transaction.

Welspun India Ltd. (BSE:514162) completed the acquisition of remaining 50% stake in Welspun Zucchi Textiles Ltd. from Vincenzo Zucchi SpA (BIT:ZUC) on January 30, 2015.