Optiemus to provide Rs 30 Cr surety for subsidiary customs duties
OPTIEMUS · price
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Optiemus Infracom's Operations and Administration Committee approved becoming a surety and providing a bond of up to Rs 30 Crores in favour of the Central Board of Indirect Taxes and Customs (CBIC) on behalf of its wholly owned subsidiary Optiemus Electronics Limited (OEL). The surety secures OEL's import shipments of hearables, wearables, mobile phones, telecom products and mobile PCBs under the IGCR (Import of Goods at Concessional Rate of Duty) scheme. The deal is at arm's length with no promoter group interest. This creates a contingent liability of up to Rs 30 Crores for the parent company.
Adds a contingent liability of up to Rs 30 Crores for the parent to support subsidiary's customs duty benefits. Limited financial risk.