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PNN
Mumbai (Maharashtra) [India], December 22: Fabtech Technologies Cleanrooms Limited (BSE: 544332 | Market Capitalisation: 418.74 Crore), has announced the incorporation of a wholly-owned subsidiary in the United Arab Emirates (UAE). The proposed subsidiary, "Fabtech Technologies Cleanrooms-FZE", will be incorporated with an authorised and paid-up capital not exceeding AED 1,00,000. Fabtech Technologies Cleanrooms Limited will hold 100% of the paid-up share capital of the subsidiary. The UAE entity will focus on the manufacturing of partitions, primarily for supply to group entities including Fabtech Technologies Limited and Fabtech Technologies Cleanrooms Limited (India), as well as to Indian clients, leveraging opportunities under the UAE-India trade framework. The incorporation of the subsidiary will be a related party transaction; however, the promoters and promoter group have no interest in the subsidiary beyond its incorporation. The entire investment will be made through cash subscription to the share capital at face value per share. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same.)
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