Shemaroo Entertainment today said it would form a US-based wholly owned subsidiary for its business expansion.
The board of the company, in its meeting held today, "inter-alia approved to invest in a company to be incorporated as a Wholly Owned Subsidiary at New Jersey, US in the name of Shemaroo Media & Entertainment Inc," Shemaroo informed the BSE.
The company would work in the media and entertainment industry.
It will have a paid up share capital of USD 50,000, it added.
"The initial subscription amount does not fall within related party transactions," the company said.
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