RattanIndia Infrastructure to pursue manpower business

Rattanlndia Infrastructure on Thursday said it will pursue manpower business to cash in on the changing requirements of employers in the era of COVID-19.

In July last year, the company had informed exchanges that the board had set up a committee to explore new avenues of business, as distinguished from the thermal power business being carried out by the company through its major shareholding interest -- Rattanlndia Power Ltd.

''The Board of Directors of the company has in its meeting held on January 28, 2021 decided to pursue the business of manpower/human resource supply and consultancy, payroll management services and other related activities (Manpower Business),'' a regulatory filing said.

The board felt that in the hard times post the outbreak of COVID-19, most employers would look for outside help to resolve and manage their human resource processes, as a support to the functioning of their Human Resource departments.

The manpower business in now part of the main objects to be pursued by the company on its incorporation in the Memorandum of Association (MOA) of the company.

On September 30 last year, the company had sought shareholders nod to alter Objects Clause of the MOA, so as to enable the company to explore and undertake one or more of the several business activities as covered under the new objects sought to be inserted in the MOA.

This in turn presents an opportunity to generate revenues at low cost, in a rapid time, ultimately ensuring profitability. Hence it was decided to enter the said business activity, it added.

The initial investment in the business is estimated to be Rs 5 crore. Besides, the company would utilize its existing resources for the purpose.

The name of the company would be changed to Rattanlndia Enterprises Ltd, pursuant to the shareholders' approval in September last year.PTI KKS KKS ANUANU

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