Bikaji Foods International Limited has announced an extension to its investment timeline for its wholly-owned US subsidiary, Bikaji Foods International USA Corp. The company will now invest up to $500,000 over the next three months to support its subsidiary’s operations in the United States, according to a regulatory filing.
The decision was approved by the Board of Directors on July 24, 2024. The investment will involve the purchase of 50,000 common stocks at $10 each. Bikaji USA, incorporated on July 10, 2023, in New Jersey, aims to strengthen Bikaji Foods’ distribution network in the U.S. market.
For the fiscal year ending March 31, 2024, Bikaji USA reported a turnover of $1,096,593, although it faced a net loss of $70,130.51.
The subsidiary, which is focused on trading food items, remains entirely owned by Bikaji Foods International. Promoters Deepak Agarwal and Shweta Agarwal also serve as directors of the US-based entity. The investment aligns with the company’s ongoing efforts to expand its footprint in the fast-moving consumer goods (FMCG) sector.