UPL Limited announces incorporation of a step-down subsidiary in Saudi Arabia

Date:01-01-2024

UPL 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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