Magson Retail and Distribution Limited at the board meeting held on May 10, 2024, approved Promotion and Incorporation of an Associate Company under the name and style ?Goan Bakery Private Limited? subject to necessary compliances and reporting under the Companies Act, 2013. The Company shall subscribe 40 % of the total Paid Up Equity Share Capital, Voting Rights and Beneficial Ownership in the Associate Company and accordingly shall subscribe 2,00,000 Equity Shares of face value of INR 10/- of the Associate Company.

The Associate Company shall carry out the retail business of all types of bakery products, confectionery products, processed or semi processed food products, packaged foods, etc. The said Investment is within the limits prescribed under Section 186(2) of the Companies Act, 2013 together with the limits passed by the Shareholders of the Company by passing a Special Resolution in the Extra Ordinary General Meeting held on Saturday 25th February 2023.