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The newly incorporated company being a subsidiary will be a related party. The initial investment in the said wholly owned subsidiary would be related party transaction and will be considered to be at arms? length. Syrma SGS is the promoter of the said wholly owned subsidiary.

Syrma Semicon shall carry out the business of electronics design, assembly and manufacturing and it is yet to commence the business operations.

SSPL intends to carry on the business of designers and manufacturers, buyers, sellers, assemblers, exporters, importers, distributors, agents, and dealers in a range of electronic products. The focus areas involve memory chips, memory modules, PCB assemblies, and other storage products.

The firm will subscribe to 99.99% equity shares of SSPL amounting to Rs 99,990. Entire beneficial holding rests with Syrma SGS Technology.

Syrma SGS Technology is a technology-focussed engineering and design company engaged in turnkey electronics manufacturing services (EMS), specialising in precision manufacturing for diverse end-use industries, including industrial appliances, automotive, healthcare, consumer products and IT industries.

The company?s consolidated net profit rose 0.4% to Rs 28.35 crore on 52.4% advanced in net sales to Rs 711.73 crore in Q2 FY24 over Q2 FY23.

The scrip shed 0.13% to Rs 558.95 on the BSE.

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