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Foodtech giant Zomato initiates liquidation process of its Portugal subsidiary

Zomato said that its Portugal subsidiary is not a material subsidiary and has no active business operations, which will not affect the current revenue of the company.

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ISN Team
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Foodtech giant Zomato said it has initiated the liquidation proceedings of its wholly-owned subsidiary, Zomato Media Portugal.

According to the company's filing to the stock exchanges, Zomato said that its Portugal subsidiary is not a material subsidiary and has no active business operations, which will not affect the current revenue of the company.

The filings further added that ZM Portugal. which has a net worth Rs 1.2 crore, liquidation process will be completed within a month, subject to the requisite approvals. With this, Zomato has initiated liquidation proceedings for five subsidiaries, including Indonesia, New Zealand, Australia, Jordan, and Portugal.

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