Zomato's wholly owned subsidiary PT Zomato Media Indonesia has initiated the process of liquidation, the company announced through an exchange filing. The company added that PTZMI doesn't have any active business operations and is not a material subsidiary of Zomato.
The company in the regulatory filing said the liquidation will not affect the turnover/revenue of Zomato.
The process of liquidation is expected to be completed within a year. The wholly owned subsidiary's net worth was at Rs 15 million and it contributed 0.01 per cent to the net worth of Zomato.
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Zomato shares on Thursday at 12:47 pm IST were trading at Rs 74.70, up by 0.88 per cent.
