United Spirits shuts down subsidiary to simplify corporate structure

United Spirits shuts down subsidiary to simplify corporate structure

The subsidiary, according to United Spirits, had a negative net worth of RMB 1.81 million (around 21 mln rupees)

FPJ Web DeskUpdated: Tuesday, January 17, 2023, 12:04 PM IST
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United Spirits shuts down subsidiary to simplify corporate structure | Image: United Spirits (Representative)

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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