Corporate Announcement
Security Code : 532935    Company : ARIES    
 
Outcome of Board MeetingDownload PDF
  Exchange Disseminated Time     23/11/2016 14:39:47
Aries Agro Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 23, 2016, inter alia;

- The Board has taken note that the change in the Import Duty scenario in India has made the manufacturing at the facility of the Company’s Subsidiary, M/s. Golden Harvest Middle East FZC, Sharjah, UAE, expensive. Accordingly, the said Subsidiary has decided to change its status from Manufacturing and focus on Trading activity to be operated from Sharjah, U.A.E. The Company is also exploring avenues to maintain the total capacity utilization for manufacture of micronutrient fertilizers from its existing facilities located in India. As a sequel to the said scenario, the factory premises, plant and equipment is being disposed off and the proceeds will be utilized to meet the immediate and Medium Term Fund requirement of the said Subsidiary Company.
 

Disclaimer

Back To Announcements