Zomato Initiates Liquidation Process for Portugal-Based Subsidiary
- ByStartupStory | July 24, 2023
Zomato, a prominent food delivery firm, has recently commenced the liquidation proceedings for its wholly-owned subsidiary, Zomato Media (ZM) Portugal. The company clarified that this dissolution will not have any impact on its turnover or revenue, as stated in its filing with the Bombay Stock Exchange (BSE).
Zomato Media (ZM) Portugal, being deemed a non-material subsidiary with no active business operations, is undergoing liquidation with a net worth of Rs 12 million ($0.14 million). The process is expected to be completed within one month, subject to necessary approvals.
Furthermore, Zomato disclosed that another subsidiary, ZM Indonesia, has a net worth of Rs 15 million ($0.18 million), and its liquidation is anticipated to be finalized within the next 12 months, subject to requisite approvals.
This liquidation procedure encompasses a total of five subsidiaries, including entities based in Indonesia, New Zealand, Australia, Jordan, and Portugal.
Zomato remains steadfast in its commitment to transparently manage its corporate structure and operations, ensuring that its business continues to thrive and provide top-notch food delivery services to its valued customers.
Follow Startup Story
Related Posts
