Laxmi Organic Industries Limited will set up a wholly-owned subsidiary company in the United States.
“The Board of Directors of Laxmi Organic Industries Limited at its meeting on May 18, 2021, has approved the proposal to set up a Wholly Owned Subsidiary Company in the United States. The proposed company shall be incorporated as wholly owned subsidiary (WOS) of the company."
The WOS will be engaged in trading of chemical products manufactured by the company. The company shall invest in the WOS either in equity or by way of loan for an amount not exceeding USD 1.00 million. WOS shall be incorporated in Delaware, US in accordance with prevailing law of United States of America.
At around 11.11 AM, Laxmi Organic Industries Limited was trading at Rs222.75 up Rs2.90 or 1.32% on the BSE.