Apar Industries Ltd recently announced through a stock exchange filing that it is in the process of forming a fully owned subsidiary company, named Apar Industries Middle East Ltd. This new venture will be based in Saudi Arabia and will focus on the production of lubricants that are essential for machinery and automotive engines.
Before operations can start, the newly established entity is currently awaiting necessary approvals and registrations from local regulatory bodies in Saudi Arabia. This procedural step is crucial for the subsidiary to legally begin its manufacturing activities in the region.
Following the news, Apar Industries’ stock experienced a decrease, ending the trading day on the NSE at ₹6,940, which is a 1.28 per cent dip from the previous day’s closing figures.