Bikaji Foods Invests Additional $5,00,000 in Bikaji USA BFIL's shareholding in Bikaji USA remains at 100 per cent, as the subsidiary continues to be fully owned by the parent company.
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Bikaji Foods International Limited (BFIL) has strengthened its international footprint with the incorporation of a wholly-owned subsidiary, Bikaji Foods International USA Corp ("Bikaji USA"), in New Jersey, USA. The development was disclosed in a regulatory filing, marking a significant step for the company in enhancing its global operations and distribution network. Bikaji USA was officially incorporated in July, 2023, with an authorised capital of $1.5 million, divided into 1,50,000 common stocks of $10 each. The subsidiary's paid-up capital stands at $1 million, comprising 1,00,000 common stocks. As of March, 2024, Bikaji USA reported a turnover of $1,096,593.
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.
BFIL's shareholding in Bikaji USA remains at 100 per cent, as the subsidiary continues to be fully owned by the parent company. The initial timeline for completing the investment was set at four months, but it has been extended by an additional three months. BFIL has announced plans for an additional subscription of up to 50,000 common stocks, worth $5,00,000, increasing the total investment in Bikaji USA to $1.5 million.
The move underscores BFIL's commitment to scaling its operations internationally and meeting the growing demand for its products in the US market. With the FMCG industry experiencing robust growth globally, the expansion aligns with BFIL's vision to position itself as a leading global brand.
This development is expected to have a positive impact on the company's performance, providing enhanced market access and greater brand visibility in the USA. As a subsidiary fully aligned with BFIL's core operations, Bikaji USA is well-positioned to leverage its parent company's expertise to establish a strong foothold in a competitive market.
