 "Ramco Systems sets up subsidiary in Philippines")
The company, in a regulatory filing today said that the initial subscription to share capital will be 11.75 million Pesos. The investment will be under automatic route of Foreign Exchange Management Act, 1999 and related regulations. The investment is subject to necessary regulatory approvals in respective overseas jurisdiction, it said.
The process of setting up the subsidiary is expected to be complete in two months.
Ramco Systems, part of the $1 billion Ramco Group of companies, is an enterprise software player offering cloud and mobile-based enterprise software in the area of HCM and Global Payroll, ERP and M&E MRO for Aviation.
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