SVP Global Ventures announced that the Board of Directors of its Subsidiary Company, Citron Infraprojects, on recommendation of the Audit Committee, has filed a demerger application for re-organizing of its business into two parts i.e. Core business and Noncore business separately in order to focus more on core activities.
The company will be able to achieve its target of exiting all non-core and low margin trading businesses and at same time reduce its Financial liabilities to the extent attributable to the Noncore activities.
Over the past year, the company has worked aggressively to reduce and exit these low margin businesses and deploy the freed-up capital towards the manufacturing operations. The company was also able to start operations in Oman in record time.
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