Ceigall India Ltd plans to form two new wholly-owned subsidiaries focused on the Ayodhya Bypass project, following a board meeting held today. The company will incorporate Ceigall Southern Ayodhya Bypass Pvt Ltd and Ceigall Northern Ayodhya Bypass Pvt Ltd, subject to statutory approvals.
Ceigall India Ltd shares were trading at ₹394.55, up by ₹4.40 or 1.13 per cent, on the NSE today at 11.15 am.
The board of directors approved the use of ‘Ceigall’ as a prefix in the names of these new subsidiaries and agreed to provide the company’s registered office address for their use. These decisions indicate Ceigall India’s strategic expansion into infrastructure development projects in Ayodhya.
In addition to the subsidiary formation, the board has adopted the cost audit report for the financial year 2023-2024. The meeting, which began at 10:00 a.m. and concluded at 10:50 a.m., was held at the company’s corporate office in Gurugram.