Filatex India Establishes Wholly Owned Step-Down Subsidiary in Spain Through Enosis Limited
Filatex India Limited, a leading manufacturer of synthetic yarns, has announced the incorporation of a new overseas step-down subsidiary in Spain through its existing step-down subsidiary, Enosis Limited.
The company said all regulatory formalities relating to the remittance of share capital have been completed in accordance with the Foreign Exchange Management (Overseas Investment) Rules, 2022, enabling Enosis Limited to acquire 100% ownership of the newly incorporated entity.
Key Transaction Details
- Parent Company: Filatex India Limited
- Immediate Holding Entity: Enosis Limited (Step-down Subsidiary)
- New Subsidiary: Enosis Infinite Sociedad Limitada
- Country of Incorporation: Spain
- Shareholding: 100% owned by Enosis Limited
- Initial Share Capital: €3,000, divided into 3,000 equity shares of €1 each
- Mode of Investment: Cash subscription
- Business Activity: Manufacturing, trading, and distribution of polyester yarn and other textile products
Strengthening European Presence
The incorporation of Enosis Infinite Sociedad Limitada marks Filatex India’s expansion into the European market.
According to the company, the new subsidiary will focus on textile-related activities, including the manufacturing, trading, and distribution of polyester yarns. The move is expected to strengthen the group’s presence in Europe and improve access to customers in the region.
Regulatory Compliance
Filatex India stated that the overseas investment has been completed after complying with the provisions of the Foreign Exchange Management (Overseas Investment) Rules, 2022, governing overseas direct investments by Indian companies.
Following the capital remittance, Enosis Limited now holds the entire equity share capital of the Spanish entity.
Strategic Rationale
The establishment of the Spanish subsidiary is expected to support Filatex India’s international growth strategy by:
- Expanding its presence in the European textile market.
- Strengthening global trading and distribution operations.
- Enhancing access to international customers.
- Supporting future business opportunities in polyester yarn and textile products.