IFB Agro Winds Up UAE Subsidiary, Focus on Streamlined Operations

IFB Agro Industries Ltd has officially announced the voluntary liquidation of its wholly-owned subsidiary based in the United Arab Emirates, signaling the end of its international operations in the region.

The company's withdrawal includes winding up its entity, IFB Agro Marine (FZE), and its representative office in Dubai, effectively marking an exit. Established on April 20, 2017, at Sharjah Airport International Free Zone Authority, the subsidiary was initially engaged in the trading of marine seafood products.

The decision to close the UAE branch comes after the company deemed it uneconomical, suggesting that the closure will remove a hindrance on its performance. This move aligns with IFB Agro's strategy to reassess and streamline its international business operations for improved efficiency.

(With inputs from agencies.)