Board of Garware Technical Fibres approves incorporation of subsidiary in US

At meeting held on 20 February 2020

The Board of Garware Technical Fibres at its meeting held on 20 February 2020 has accorded its approval for execution of an Agreement for contribution / transfer, all of its rights, title and interest in and to the business / undertaking along with all its assets and liabilities in United States of America on a going concern basis to a proposed acquirer (i.e. a proposed subsidiary of the company, which is being incorporated in USA), which will result into the proposed subsidiary being converted into a wholly owned subsidiary of the Company.

The Company is engaged in the area of the business as defined above and has customers spread in various regions globally. One of the significant markets of the Company is United States of America, where the Company has been operating through a branch office for many years. Considering the increasing business operations and to have a more effective legal and business structure of operations in United States of America markets, the company believes that operating through a local USA domiciled Entity and thereby upgrading the legal/business presence of the Contributor in USA is the need of its business.

Powered by Capital Market - Live News