Recycling firm Vikas Lifecare has approved the incorporation of a subsidiary in the UAE to undertake commercial investments. The move is subject to shareholder approval.
New Delhi, Jan 31 (PTI) Recycling player Vikas Lifecare Ltd on Wednesday said its board has approved a proposal to incorporate a subsidiary company in the UAE to undertake commercial investments.
"The board has approved incorporation of Limited Liability Company (the LLC) in the Emirates of Dubai, United Arab Emirates, under the name Vikas Lifecare LLC or any other name approved by the Department of Economic and Tourism, Dubai, UAE (the DET)," the company said in an exchange filing.
The proposal remains subject to shareholders' approval, the filing said.
On the rationale behind the move, Vikas Lifecare said, "The proposed subsidiary company shall carry out business in the field of investment in commercial enterprises and management or another activities as may be approved by the DET."
The fund-raising committee of the company had on Monday approved a proposal to raise Rs 50 crore through the QIP route.
Vikas Lifecare recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications, including construction.
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