Please find enclosed herewith, letter regarding incorporation of Wholly Owned Subsidiary Company in Nigeria
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Daikaffil Chemicals India Ltd has formally incorporated a 100% wholly owned subsidiary named Mikusu Global Industries Limited in Nigeria, with the Certificate of Incorporation dated August 22, 2025. The subsidiary has an initial share capital of Nigerian Naira 100 million (approximately INR 57 lakh), funded through cash consideration in compliance with FEMA regulations. Mikusu Global will operate in the agro-chemical sector, dealing in pesticides, insecticides, herbicides, fungicides, and weedicides, which aligns with Daikaffil's core business. The Board had already approved this move on August 12, 2025, and the filing is a follow-up intimation confirming completion of incorporation.
This represents a small-scale international expansion into Nigeria's agro-chemical market, opening a new geography for the company's core products. The modest capital outlay (around INR 57 lakh) limits immediate financial impact, but it signals strategic intent to tap African markets, which could be mildly positive for long-term growth prospects.