Navneet Education to establish wholly owned UAE subsidiary

Navneet Education Limited (NEL) announced its application to the Fujairah Free Zone Authority in the United Arab Emirates to incorporate a wholly owned subsidiary named Navneet Global FZE. This new entity will focus on the manufacturing, trading, importing, exporting, distributing, and marketing of school and office stationery products, other stationery, and general consumer goods.

NEL plans to subscribe to 100% of the equity share capital of Navneet Global FZE for AED 150,000. This will involve purchasing shares at a face value of AED 100 per share at par. The incorporation requires governmental and regulatory approvals, including a No Objection Certificate from Fujairah Environmental Authority and Security Approval from the Fujairah Free Zone Authority.

Navneet Global FZE, once incorporated, will operate as a Stationery Manufacturing and Trading Company. This strategic move aligns with Navneet Education's objectives to diversify its business operations and strengthen its presence in international markets.