Bikaji Foods International Limited has announced an extension of its investment timeline for its wholly-owned subsidiary, Bikaji Foods International USA Corp. The company will now have an additional three months to complete an investment of up to $500,000 in the US-based entity.
The shares of Bikaji Foods International Limited were trading at ₹728.60 down by ₹10.75 or 1.45 per cent on the NSE today at 1.48 pm.
Originally approved by the Board of Directors on July 24, 2024, the investment involves subscribing to 50,000 common stocks at $10 each. The subsidiary, incorporated on July 10, 2023, in New Jersey, aims to strengthen the company’s distribution network in the United States.
According to the company’s disclosure, Bikaji USA has reported a turnover of $1,096,593 for the financial year ending March 31, 2024, with a net loss of $70,130.51. The subsidiary is focused on trading food items and remains 100% owned by Bikaji Foods International Limited.
The company’s promoters, Deepak Agarwal and Shweta Agarwal, are also directors of the US subsidiary. The investment is being made on an arm’s length basis and aligns with the company’s strategic expansion in the Fast Moving Consumer Goods (FMCG) sector.