Corporate News 27-May-20
Board of Elgi Equipments decides to wind up subsidiary in China
Elgi Equipments announced that the Board of the Directors of the company through a circular resolution on 26 May 2020 has proposed to wind up the company's subsidiary in China, Elgi Equipments Zhejiang, which carries out the business of import, warehousing, selling and servicing of compressor products. The subsidiary has not been performing to expected levels for the past few years. Elgi Equipments Zhejiang's business operations in China have been severely affected due to the general economic downturn, now aggravated by the advent of Covid-19.
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