UAE Entity: Adani Enterprises’ step-down subsidiary Mumbai Travel Retail has incorporated a new company in the UAE, the company said on Wednesday.

OSPREE International FZCO or (“OIFZCO”)  is incorporated for the purpose of investment in commercial enterprises and management, according to an exchange filing.

The authorised and paid-up share capital are AED 100,000 for the entity.

“Mumbai Travel Retail Private Limited, a stepdown subsidiary of the Company, holds 100 per cent share capital of OIFZCO,” according to the filing.

Notably, OIFZCO has been incorporated and registered with the Dubai Integrated Economic Zones Authority, UAE with effect from February 13, which was confirmed on February 14. 

OIFZCO is yet to commence its business operations. Adani said necessary RBI approvals will be obtained after the incorporation of OIFZCO.