Swadeshi Industries Leasing Limited (SIL) has announced a significant strategic partnership with Philippine-based companies, marking a major step towards strengthening India-ASEAN business cooperation. The agreement, signed with Perlas Weil Flores International Trading Corporation and Flores Inc., aims to foster industrial development and technological exchange across various sectors.

Key Partnership Details

The collaboration focuses on several key areas:

Strategic Significance

This partnership aligns with long-term objectives aimed at:

• Enhancing bilateral trade
• Promoting entrepreneurship
• Fostering sustainable industrial growth
• Empowering women
• Supporting rural development

Key Figures Involved

The agreement was signed by:

• Dr. Nitin Sharma, Director of Swadeshi Industries Leasing Limited
• Ms. Julie Anne Flores, President & CEO of Perlas Weil Flores International Trading Corporation

Swadeshi's Ongoing Projects

Swadeshi Industries is currently engaged in a project to develop 100 MSME Industrial Parks across India. The first of these projects is planned for Udaipur (Thimoli Salasar) in Rajasthan, underlining the company's commitment to industrial growth and rural development.

Agreement Details

The memorandum of understanding was executed in Bhubaneswar, Odisha, and will remain valid for a period of five years. This timeframe provides a substantial window for the partners to work towards their shared goals and potentially expand their cooperation.

This strategic alliance represents a significant step in fostering closer economic ties between India and ASEAN countries. By focusing on key areas such as industrial development, technology exchange, and sustainable growth, Swadeshi Industries Leasing Limited is positioning itself as a facilitator of cross-border business cooperation and economic development.

Swadeshi Industries & Leasing Ltd has reported impressive financial results for the first quarter ended June 30, alongside significant corporate developments and strategic decisions.

Financial Performance

The company witnessed substantial growth in its Q1 performance:

Swadeshi Industries' revenue from operations surged to INR 929.43 lacs, compared to INR 228.93 lacs in the same quarter last year, marking a significant year-on-year growth of over 306%.

Key Appointments

The Board of Directors has made two crucial appointments:

1. Mr. Dilip Jagdish Pendse as Independent Director

   • A seasoned banking and finance professional with over three decades of experience
   • Chartered Accountant and Law Graduate
   • Certified Independent Director (IICA, MCA)
   • Expertise in GST implementation, risk management, and regulatory compliance

2. Mr. Naresh Poonamchand Jain as Chief Financial Officer

   • Over 28 years of experience in finance and management in the metals industry
   • Specializes in manufacturing and supply of copper products for the electrical sector
   • Strong background in corporate finance, banking relations, and strategic business expansion

Strategic Initiatives

The Board has approved several strategic initiatives:

1. Borrowing Approval: Authorization to borrow up to INR 25 crore from banks or financial institutions.

2. Acquisition: Approval to acquire 350,000 equity shares in Swadeshi Agrotech Industries Private Limited.

3. Memorandum of Association: Amendments to the company's memorandum of association have been approved.

4. Preferential Allotment: The company had previously allotted 1,23,10,000 warrants at INR 10 each on a preferential basis to promoters and non-promoters on May 21.

Business Focus

Swadeshi Industries & Leasing Ltd primarily engages in trading copper items and facilitating wholesale trade. The company operates within a single operating segment as per Ind AS 108 requirements.

Conclusion

With robust financial growth, strategic appointments, and forward-looking initiatives, Swadeshi Industries & Leasing Ltd appears to be positioning itself for continued expansion and improved performance in the coming quarters.