Agarwal Industrial Corporation Enters UAE Market
2019-03-22 Announcements Transportation Services International
Agarwal Industrial Corporation Limited (AICL) had announced setting up of its Wholly Owned Subsidiary (WOS) in Ras AI Khaimah Economic Zone (RAKEZ) in United Arab Emirates (UAE) for undertaking various ship/ vessel /ocean related activities, importing, trading and re-exporting of goods and products as per License granted by the authorities of RAKEZ, UAE, subject to the relevant provisions of Foreign Exchange Management Act, 1999 and as per various circulars/ notifications issued by the Reserve Bank of India with regard to Overseas Direct Investment (ODI) from time to time, Companies Act, 2013 and rules made thereunder, SEBI Regulations and other applicable laws, if any. The proposed WOS is expected to be fully operational in the first quarter of F.Y. 2019-20.