Nimbus Projects to Incorporate Subsidiary IITL Nimbus The Palm Village Pvt Ltd

Nimbus Projects Ltd announced that its Board of Directors has approved the incorporation of a new subsidiary, IITL Nimbus The Palm Village Private Limited. This will be achieved by converting the existing partnership firm, IITL-Nimbus, The Palm Village, where Nimbus Projects holds a 95% capital contribution, into a private limited company. The conversion is subject to regulatory approvals. The new entity will operate in the Real Estate Industry, continuing the business of real estate development and related services. Nimbus Projects will hold 95% equity in the subsidiary, with an investment of ₹1 Crore for 10,00,000 equity shares.