United Spirits Ltd today closed its wholly-owned subsidiary, United Spirits (Shanghai) Trade Co Ltd, in order to simplify its corporate structure, the company said in a release today.
The subsidiary, according to United Spirits, had a negative net worth of RMB 1.81 million (around 21 mln rupees).
The subsidiary was non-operative and had no sales or operational income for 2022–2023, according to the firm; thus, the relocation won't have any effects on United Spirits' operations (Apr-Mar).
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