Date: November 13, 2026

Board Meeting Outcomes

  • The Board of Directors at its meeting held on Friday, November 13, 2026 approved the incorporation of a Special Purpose Vehicle (SPV) under Section 8 of the Companies Act, 2013.
  • The SPV will have charitable objects focused on promotion of vocational education through upgradation and management of ITIs under the PM SETU Project.
  • The proposed SPV will be a subsidiary of Belrise Industries Limited.

Subsidiary / Associate Update

SPV Incorporation Details:

  • Name: To be approved by the Ministry of Corporate Affairs (MCA), Government of India
  • Country of Incorporation: India
  • Legal Structure: Section 8 company (charitable objects)
  • Purpose: Promotion of vocational education through upgradation and management of ITIs under PM SETU Project
  • Ownership Structure: Belrise Industries Limited will be the holding company with 51% shareholding
  • Consideration: Cash subscription at face value of Rs.10 per share
  • Approvals Required: Subject to approval of MCA and other relevant statutory/regulatory authorities as applicable