Apar Industries Ltd disclosed in a stock exchange filing that the company’s board has approved the establishment of a wholly-owned subsidiary company in Saudi Arabia named Apar Industries Middle East Ltd.
The limited liability company will engage in the production of lubricants for equipment and engines. Approvals or registrations from the concerned local authorities in Saudi Arabia to commence the operations are awaited, as per the stock exchange filing.
The company’s stock closed lower by 1.28 per cent on the NSE at ₹6,940 on Thursday’s trade.