Ajanta Pharma Sets Up Wholly Owned Subsidiary in Ireland

The company disclosed that Ajanta Pharma Ireland Ltd. has been incorporated in Ireland and currently does not have any size or turnover, as it is a newly incorporated entity. The incorporation does not involve any acquisition cost, cash consideration, share swap, or any other form of payment. No governmental or regulatory approvals were required for the incorporation, and no indicative timeline for completion has been specified.

Ajanta Pharma clarified that the formation of the subsidiary does not fall under related party transactions. Further, the promoter, promoter group, or group companies do not have any interest in the subsidiary, and therefore the question of the transaction being conducted at arm’s length does not arise.

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The newly incorporated subsidiary operates within the pharmaceutical industry, which is in line with Ajanta Pharma’s existing line of business. The company stated that the objective of incorporating Ajanta Pharma Ireland Ltd. is to undertake activities related to pharmaceutical products and strengthen its presence in overseas markets.

As per the disclosure, Ajanta Pharma holds 100 percent shareholding and control in the Ireland-based entity, making it a wholly owned subsidiary. Since the company has been newly incorporated, there is no turnover history for the past three years, and no additional background regarding products or operations has been reported at this stage.

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