Goa Glass Fibre (GGFL) has become a step down subsidiary of Binani Industries as the company has transferred the balance 51% shareholding in its subsidiary, GGFL, to 3B Binani Glassfibre S.a.r.l. Luxembourg, which is a wholly owned subsidiary of the company on December 11, 2012.
The company had already transferred 49% stake in GGFL on March 31, 2012 to 3B Binani Glassfibre S.a.r.l. Consequently, GGFL has ceased to be a direct subsidiary of the company and become a wholly owned subsidiary of 3B Binani Glassfibre S.a.r.l.
Binani Industries is the holding company of the $1.6-billion Braj Binani Group. The business portfolio of Binani Industries includes sectors like cement, zinc, glass-fiber and downstream composite products.
