Board of Balmer Lawrie approves incorporation of subsidiary in Dubai for logistics activity

New Delhi: State-owned Balmer Lawrie said in a regulatory filing on Saturday that the "board of directors of the Company at its Meeting held on March 24 has inter-alia, considered and approved the Incorporation of wholly owned subsidiary company with paid-up share capital estimated to be Rupee one crore in Dubai to engage in Freight forwarding and Logistics Industry."

Specific details

The filing also noted that the proposed subsidiary company is yet to be incorporated. "The incorporation of the subsidiary company shall not fall within the definition of the related party and whether the promoter/ promoter transaction. The Company is not acquiring an existing entity. Thus, the business activity shall be in line with the existing disclosure of reasons for the acquisition business of Balmer Lawrie and Co Ltd. It shall require the approval of the Department of the Investment and Public Asset Management (DIPAM), Ministry of Finance. Further, approval from authorities in Dubai would be required. The entity is expected to be incorporated within six months. It should be the 100 percent subsidiary of the company," the filing added.

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