UFlex (formerly Flex Industries) has closed down its wholly owned subsidiary in Brazil. In a notification to the exchanges, the company said Flex P Films (Brasil) Comercio De Films Plasticos Ltd was incorporated in Brazil with the main objective of undertaking the sales and marketing activities of a wide range of plastic films produced by the UFlex group. On account of change in strategy, the company has not commenced any business in Flex P Films and has wound it up, it said in the notification. Shares of UFlex closed at ₹309.6, up 0.63 per cent on the NSE.