Sarda Energy & Minerals Ltd. announced that its Board of Directors has approved the proposal to set up a wholly owned subsidiary in Dubai, United Arab Emirates (UAE). This new entity will be a step-down subsidiary and is intended for trading and distribution activities in the Middle East. The incorporation is expected to take 4-6 months with an initial investment of up to ₹3 crore.
Expansion into Middle East
In a significant move to broaden its global reach, the Board of Directors of Sarda Energy & Minerals Ltd. has given its approval for the incorporation of a new wholly owned subsidiary. This strategic entity will be established in Dubai, United Arab Emirates (UAE).
Subsidiary Structure and Objectives
The newly formed entity will operate as a step-down wholly owned subsidiary of Sarda Energy & Minerals Ltd. Its primary objective is to engage in trading and distribution of the company’s products within the Middle East region. This expansion is aimed at leveraging global market opportunities and strengthening the company’s business footprint in this key economic zone.
Investment and Timeline
The incorporation process is anticipated to take approximately 4 to 6 months from the date of the Board’s approval. The initial investment for this venture is planned to be in the form of equity capital, loan, or guarantee, not exceeding an aggregate amount of ₹3 crore. Sarda Metals & Alloys Ltd., a wholly owned subsidiary of the parent company, will hold 100% shareholding in the new Dubai-based entity.
Source: BSE
