Galaxy Agrico Exports Limited has submitted a regulatory disclosure pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company has initiated the process for incorporation of a proposed subsidiary company and has made an application with the Ministry of Corporate Affairs for reservation of the name of the proposed company.
Proposed Subsidiary Details
The company has proposed two alternative names for the new subsidiary, subject to availability and approval by the Ministry of Corporate Affairs:
- Galaxy Infralogistics Private Limited
- Galaxy Infra-Mining Private Limited
The proposed company will be incorporated as a subsidiary of Galaxy Agrico Exports Limited and is intended to undertake business activities primarily in the areas of mining, infrastructure development and logistics, including allied and ancillary activities.
Strategic Rationale
The proposed incorporation aligns with the company's objective of expanding its business presence into the mining, infrastructure and logistics sectors through a dedicated subsidiary.
Regulatory Status and Next Steps
The reservation of the proposed name and incorporation of the subsidiary are subject to approval of the Ministry of Corporate Affairs and completion of applicable statutory and regulatory formalities. The final name of the subsidiary will be determined based on the approval granted by the competent authority.
The company has committed to making further disclosures to the Stock Exchange regarding the incorporation of the proposed subsidiary and other material developments, as and when applicable, in accordance with the SEBI Listing Regulations.