Mumbai, March 4 -- The primary objective of this subsidiary is to diversify the company's geographical presence in Europe and offer services to the machine building and superabrasive customers in the region. The subsidiary will focus on sales, servicing, and marketing activities related to Wendt's core businesses, including super abrasives, machine building, and precision components.

The new subsidiary will be established with an initial investment of Rs 5 crore (approximately €0.55 million). The investment will be made in one or more tranches through cash consideration. The company expects to complete the incorporation process within the next three months, with the total investment in the subsidiary expected to be completed within...