At meeting held on 23 November 2016
Aries Agro announced that the Board of Directors of the Company at its meeting held on 23 November 2016 approved the following -The Board has taken note that the change in import duty scenario in India has made the manufacturing at the facility of the Company's subsidiary - Golden Harvest East FZC, Sharjah, UAE, expensive. Accordingly, the said subsidiary has decided to change its status from Manufacturing and focus on Trading activity to be operated from Sharjah, UAE.
The Company is also exploring avenues to maintain the total capacity utilisation for manufacture of micronutrient fertilisers from its existing facilities located in India. Subsequently, the factory premises, plant and equipment is being disposed off and the proceed will be used to meet the immediate and medium term fund requirements of the said subsidiary company.
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