Russell Credit Limited acquires BFIL Finance Ltd.

Kolkata, June 22 (IANS) ITC Limited on Monday said Russell Credit Limited (RCL), its wholly owned subsidiary company, has acquired the entire subscribed and paid-up equity share capital of Rs.20 crore of BFIL Finance Limited (BFlL), another wholly owned subsidiary of the group.

“BFIL has ceased to be a direct subsidiary of the Company with effect from June 18, 2015,” ITC said in a regulatory filing with the National Stock Exchange.

The move has resulted in BFIL becoming a wholly owned subsidiary firm of RCL.

RCL, an investment firm, has activities primarily confined to making long-term investments in areas of strategic thrust, namely Fast-Moving Consumer Goods (FMCG), Hotels & Tourism, Paper, Paperboards & Packaging Agribusiness and Information Technology.

Besides, the newly acquired BFIL, RCL has another wholly owned subsidiary, Greenacre Holdings Limited, which is engaged in property infrastructure maintenance.

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