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UPL Limited announces incorporation of a step-down subsidiary in Saudi Arabia
Jan. 1, 2024
UPL Limited
IndiaFollow
IndiaUPL Limited has received an intimation on 28 December 2023, about issuance of certificate of incorporation with regards to new step-down subsidiary viz. UPL Arabia for Chemical Manufacturing effective 21st December 2023. Industry - Manufacturing of Chemical Materials.
UPL Arabia for Chemical Manufacturing would be a wholly owned subsidiary of UPL Corporation Limited (Mauritius) in which the Company holds 100% shareholding. It becomes a related party upon incorporation. The Company is incorporated to carry out the manufacturing of chemical materials.
UPL Corporation Limited (Mauritius) expects to invest approx. USD 1 million in line with the business plan in the form of equity or any other security/form as may be deemed appropriate. Investment will be made in cash, in compliance with applicable local regulations.
100% shareholding is held by UPL Corporation Limited (Mauritius).
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