Bikaji Foods International Limited on Thursday announced an extension of its investment timeline for its wholly-owned subsidiary, Bikaji Foods International USA Corp. Per this, the company will now have an additional three months to complete an investment of up to $500,000 in the US-based entity.
“We hereby inform you that the Board of Directors of the Company at their meeting held on Wednesday, July 24, 2024 have considered and approved the additional investment in Bikaji Foods International USA Corp, wholly-owned subsidiary of the company upto $ 5,00,000 in the form of 50,000 common stock of $10 each, which has to be invested within 4 months, but the said time period of investment is now extended by further 3 months,” the company said in a regulatory filing.
The company said that this was done for better expansion of business and to further strengthen the distribution network of the company in USA territory.
“BFIL shareholding in Bikaji USA post this subscription will remain at 100 per cent as Bikaji USA is already WOS of BFIL. The business of Bikaji USA is in line with the main line of business of the BFIL,” it said.
Per the company, Bikaji USA has reported a turnover of $10,96,593 for the financial year ending March 31, 2024 and net loss of $70,130.51 during the period. The subsidiary is focused on trading food items and remains 100 per cent owned by Bikaji Foods International Limited.