ITC Limited on Monday said Russell Credit Limited (RCL), its wholly owned subsidiary company, has acquired the entire subscribed and paid-up equity share capital of Rs.20 crore of BFIL Finance Limited (BFlL), another wholly owned subsidiary of the group.
"BFIL has ceased to be a direct subsidiary of the Company with effect from June 18, 2015," ITC said in a regulatory filing with the National Stock Exchange.
The move has resulted in BFIL becoming a wholly owned subsidiary firm of RCL.
RCL, an investment firm, has activities primarily confined to making long-term investments in areas of strategic thrust, namely Fast-Moving Consumer Goods (FMCG), Hotels & Tourism, Paper, Paperboards & Packaging Agribusiness and Information Technology.
Besides, the newly acquired BFIL, RCL has another wholly owned subsidiary, Greenacre Holdings Limited, which is engaged in property infrastructure maintenance.
