Mumbai, March 17 -- According to an exchange filing, GTFL UK has been incorporated with the objective of engaging in the business of technical textiles. The operations of GTFL UK will align with the core business activities of the parent company.

The subsidiary has been incorporated with an initial capital of £10,000, consisting of 10,000 shares valued at £1 each. The subscription was made on a cash consideration basis through the purchase of equity shares.

The incorporation does not require any separate governmental or regulatory approval and does not fall under the purview of related party transactions. The promoters, promoter group, and group companies of Garware Technical Fibres have no interest in GTFL UK, except for Mr. ...