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Home arrow News arrow Business News arrow Walchandnagar Industries to set up subsidiary in Hamriya Free Zone, UAE
Walchandnagar Industries to set up subsidiary in Hamriya Free Zone, UAE Print E-mail
Written by Vijay   
Thursday, 25 November 2010
Mumbai:  Walchandnagar Industries Ltd plans to set up a wholly owned subsidiary of the Company in Hamriya Free Zone, UAE to explore business opportunities in the field of Hydrocarbon, EPC, Power business, Cement machinery business.

The Board of Directors of the Company, at its meeting held on November 22, 2010 have passed a resolution for setting up the wholly owned subsidiary. The initial paid up share capital of the Company will be approximately AED 150,000 equivalent to about Rs. 18.72 Lakhs.

Walchandnagar Industries will now proceed to take necessary steps as required under the applicable laws for setting up wholly owned subsidiary Company in Hamriya Free Zone, UAE.

The 102nd Annual General Meeting (AGM) of the Company will be held on February 10, 2011.

For the third quarter of 2010, the company posted net sales of Rs 320.36 crore compared to Rs. 145.14 crore in Q3, 2009.

 
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