The Board of Directors at Greatship India Limited, a wholly owned subsidiary of the Company, at its meeting approved acquiring full ownership of its Singapore subsidiary, Great Global Energy services Pte GGES. GIL currently owns a partial stake in GGES,with the rest being held by Greatship Global Holdings Ltd. Mauritius (GGHL) a wholly-owned subsidiary of GIL.
The proposed acquisition, which would be subject to requisite statutory approvals is expected to have only a very marginal (if any) impact on cash flow.
The proposed acquisition does not offer any benefit to the promoters, promoter group companies in any way.
