Bikaji Foods International Limited has extended its investment timeline for its US-based subsidiary, Bikaji Foods International USA Corp.
Bikaji investment involves 50,000 stocks
The company will now have an additional three months to complete an investment of up to $500,000 in the subsidiary. The investment involves subscribing to 50,000 common stocks at $10 each and was approved by the Board of Directors on July 24, 2024.
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Notably, the subsidiary, incorporated on July 10, 2023, in New Jersey, aims to strengthen the company’s distribution network in the United States. As per the company’s disclosure, Bikaji USA has reported a turnover of $1,096,593 for the previous fiscal year that ended March 31, 2024, with a net loss of $70,130.51. The subsidiary is focused on trading food items and remains 100 per cent owned by Bikaji Foods International.
Bikaji eyes to expand in FMCG
Further, the firm’s promoters, Deepak Agarwal and Shweta Agarwal, are also directors of the US subsidiary. The investment is being made on an arm’s length basis and aligns with the company’s strategic expansion in the fast moving consumer goods (FMCG) sector.
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Reportedly, the extension of the investment timeline will provide the company with more time to complete the investment and strengthen its presence in the US market.
