Sweet and Snack manufacture Bikaji Foods International Ltd has announced an extension of its investment timeline for its wholly-owned subsidiary, Bikaji Foods International USA Corp. The company will now have an additional three months to complete an investment of up to $500,000 in the US-based entity.
“We hereby inform you that the Board of Directors of the Company at their meeting held on Wednesday, July 24, 2024 have considered and approved the additional investment in Bikaji Foods International USA Corp, wholly-owned subsidiary of the company upto $ 5,00,000 in the form of 50,000 common stock of $10 each, which has to be invested within 4 months, but the said time period of investment is now extended by further 3 months,” the company said in a regulatory filing.
Deepak Agarwal and Shweta Agarwal, members of the promoter group of BFIL, are also directors of Bikaji USA. The subsidiary operates within the fast-moving consumer goods (FMCG) sector, aligning with BFIL’s primary business focus. Its establishment aims to bolster the company’s presence in the US market, strengthen its distribution channels, and drive business expansion.
