Shankara Building Products’ board has decided in-principle to wind up or close down the wholly owned subsidiary (WOS), Steel Networks Holding. WOS was created in Singapore to facilitate the takeover of Centurywells Roofing India in 2013, as the owner of Centurywells was a Singapore based entity.
The Singapore entity serves as an investment vehicle for the takeover of Centurywells Roofing India which has its entire operations only in India. It has no business operations currently and is therefore redundant. Further, there is a cost for maintenance of this entity as well. The Board of Directors of the company at their meeting held on August 14, 2018, have considered and approved the same.
Shankara Building Products is one the leading organized retailers of home improvement and building products in India based on number of stores, operating under the brand name Shankara Buildpro.
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| Trent | 4105.95 |
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