Ashapura Minechem Gets Board Nod to Form New Subsidiary in UAE

MT Newswires Live

Mar 25

Mining and mineral processing company Ashapura Minechem (NSE:ASHAPURMIN, BOM:527001) has received board approval to incorporate a wholly-owned subsidiary in the United Arab Emirates tentatively named Ashapura Resources UAE FZE, according to a Tuesday filing to the Indian stock exchanges.

The company's shares were up over 2% in early trade on Wednesday.

Ashapura will invest 1 million Emirati Dirham in the proposed new subsidiary by subscribing to 100% of its share capital, subject to receipt of necessary regulatory and statutory approvals, as may be required.

The new company will deal in the import, export, trading of raw materials, investment of own resources and business

consultancy, among others.

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