IFB Agro Exits UAE Venture: Details
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IFB Agro Industries Ltd completes liquidation of its UAE subsidiary, IFB Agro Marine (FZE), exiting the international venture due to uneconomical performance.
Kolkata, Oct 2 (PTI) IFB Agro Industries Ltd said it has completed the voluntary liquidation of its wholly-owned subsidiary in the United Arab Emirates, marking an exit from that international venture.
The closure includes the winding up of IFB Agro Marine (FZE) and its representative office in Dubai, the company said on Wednesday.
The subsidiary was incorporated on April 20, 2017, at the Sharjah Airport International Free Zone Authority, and was primarily engaged in the trading of marine seafood products.
Since the UAE entity was "uneconomical, its closure removes a drag on performance, the company said.
It also said the decision to liquidate the entity was part of its review of international operations.
The closure includes the winding up of IFB Agro Marine (FZE) and its representative office in Dubai, the company said on Wednesday.
The subsidiary was incorporated on April 20, 2017, at the Sharjah Airport International Free Zone Authority, and was primarily engaged in the trading of marine seafood products.
Since the UAE entity was "uneconomical, its closure removes a drag on performance, the company said.
It also said the decision to liquidate the entity was part of its review of international operations.
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