Welspun India sets up US arm to invest in e-commerce firms

New Delhi: Textile firm Welspun India has incorporated a wholly-owned subsidiary in the US to invest in e-commerce companies.

"The company has incorporated a wholly-owned subsidiary Welspun Nexgen Inc registered with the state of Delaware, US having paid up capital of USD 4.25 million to make investment in e-commerce companies," Welspun India said in a BSE filing.

The firm however did not elaborate on the matter.

Shares of Welspun India were trading 2.23 per cent higher at Rs 73.40 per scrip on BSE.