Joint Venture3 Dec 2025, 09:21 pm
Veritas India Ltd. Approves Transfer of Assets & Liabilities of Material Subsidiary for USD 50 Million
AI Summary
The Board of Directors of Veritas (India) Ltd. has in-principally approved the transfer/disposal of certain assets and liabilities of its material subsidiary, Verasco FZE, to Inergy FZE, Sharjah, UAE. The transaction is valued at a base consideration of USD 50 million (equivalent to Rs. 450 Crores), with assets worth USD 130 million (equivalent to Rs. 1170 Crores) and liabilities to the extent of USD 80 million (equivalent to Rs. 720 Crores) being transferred. The approval is subject to shareholders' approval through a Special Resolution via Postal Ballot. The transaction is subject to execution of definitive agreements and completion of applicable regulatory and statutory requirements.
Key Highlights
- Veritas (India) Ltd. approves the transfer/disposal of assets and liabilities of its material subsidiary, Verasco FZE.
- The transaction is valued at a base consideration of USD 50 million (equivalent to Rs. 450 Crores).
- Assets worth USD 130 million (equivalent to Rs. 1170 Crores) and liabilities to the extent of USD 80 million (equivalent to Rs. 720 Crores) will be transferred.
- The approval is subject to shareholders' approval through a Special Resolution via Postal Ballot.
- The transaction is subject to execution of definitive agreements and completion of applicable regulatory and statutory requirements.