LEAP India invests Rs 2.04 cr in LEAP Gulf Company

LEAP India has made a further investment by way of subscription to the equity share capital of its wholly owned foreign subsidiary incorporated in the Kingdom of Saudi Arabia, namely, LEAP Gulf Company.

The Company has remitted 785,000 Saudi Riyal towards subscription to 7,850 equity shares of 100 Saudi Riyal each. Based on the applicable remittance exchange rate of 1 (One) Saudi Riyal = INR 26, the amount remitted is equivalent to Rs 2.04 crore.

LEAP Gulf is engaged in the business of manufacturing wooden containers, manufacturing plastic products, repair of equipment, rental of machinery, equipment and tangible goods.

The investment will support the LEAP Gulf in undertaking and expanding its business activities in the Kingdom of Saudi Arabia. The investment is in line with the Company's business objectives and overseas expansion plans.