Grasim Industries incorporates subsidiary for business support services
The newly incorporated company has an authorised capital of Rs1 crore and subscribed capital of Rs10 lakh.
Grasim Industries Ltd, the flgship company of the Aditya Birla Group, on Thursday announced the incorporation of a Wholly-owned subsidiary (WOS) company, Grasim Business Services Pvt.Ltd. The new entity will offer business support services, including staffing solutions.
The newly incorporated company has an authorised capital of Rs1 crore and subscribed capital of Rs.10 lakh. The registered office of the subsidiary is in Madhya Pradesh, and 100 percent subscription to its share capital is in cash, stated the filing.
Last month, Grasim Industries announced raising Rs 1,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis, comprising 10,000 rated, listed, unsecured, redeemable NCDs of Rs 10 Lakh each for cash at par.
The company reported its highest-ever quarterly EBITDA during the September quarter, courtesy a strong performance from its Chlor-alkali business. Its EBITDA increased 19.4 percent from a year ago, while sales increased 37 percent during the September quarter. The company’s revenue from Caustic Soda and Allied Chemicals segment increased 66 percent.
The company entered the paints business in 2021 with a capital expenditure of Rs 5,000 crore over the next three years. In the paints business vertical, the company’s first plant is likely to be commissioned in the fourth quarter of financial year 2024. The remaining plants will be commissioned by financial year 2025 in a phased manner. The construction work is in progress across five locations.
Shares of Grasim Industries ended 0.7 percent higher at Rs 1,702.15.
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