Foodtech giant Zomato initiates liquidation process of its Portugal subsidiary

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.

Also Read:

• Wipro partners with Pure Storage to accelerate clients sustainability journey