Paradeep Phosphates Limited Approves Incorporation of Wholly-owned Subsidiary for Fertilizer Innovation
Paradeep Phosphates Limited has approved the incorporation of a wholly-owned subsidiary company focused on advancing research and innovation within the fertilizer and agriculture sector. The new entity, named "Fertilizer Innovation Foundation-India," is set up as a not-for-profit organization under Section 8 of the Companies Act, 2013.The primary objective of the proposed subsidiary is to promote research, technology development, knowledge sharing, and capacity building in the fertilizer and agriculture sector. This initiative aims to support sustainable agricultural practices and improve fertilizer use efficiency, aligning with Paradeep Phosphates Limited's long-term strategic goals. The Foundation will also collaborate with various national and international institutions.
The incorporation of Fertilizer Innovation Foundation-India has been approved by the Board of Directors of Paradeep Phosphates Limited.
Details of Wholly-owned Subsidiary
The subsidiary is planned to be incorporated as a not-for-profit entity. Details regarding its structure and relationship with the parent company include:- Control: The company will hold 100% control, making it a wholly owned subsidiary (WOS).
- Financial Structure: The initial paid-up share capital of the WOS will be subscribed by Paradeep Phosphates Limited in cash.
- Subscription Cost: Shares are scheduled to be subscribed at the face value of INR 10/- per share.
- Industry Focus: The subsidiary operates in the research, innovation, skill development, knowledge dissemination, and capacity building domain within the fertilizer and agriculture sector.
The incorporation is designed not only to foster innovation but also to strengthen expertise across the entire agricultural supply chain. The move emphasizes Paradeep Phosphates Limited's commitment to sustainability and industry advancement in relation to its core business.
PARADEEP Stock Price Movement
Today, shares of Paradeep Phosphates Limited edged higher, closing at ₹146.71 after gaining 0.56%. The equity traded a total volume of 4.52 million shares today.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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