ITC voluntarily liquidates wholly owned subsidiary Prag Agro Farm

KOLKATA: ITC has quietly shut down Prag Agro Farm Limited, drawing the curtain on a sliver of its agri portfolio that barely registered on the balance sheet. The wholly owned subsidiary was voluntarily liquidated with effect from 10 December 2025, following an order by the National Company Law Tribunal’s Mumbai bench. 

The order, received on 18 December, formally dissolves Prag Agro Farm and ends its status as an ITC subsidiary. The company disclosed the development under Regulation 30 of the SEBI listing regulations. 

By any financial measure, Prag Agro Farm was immaterial. In FY 2024–25, it reported total income of Rs 9.62 lakh, accounting for just 0.0001 per cent of ITC’s consolidated income. Its net worth stood at Rs 82.11 lakh as of 31 March 2025, a mere 0.0013 per cent of the parent’s net worth. 

There was no sale, no buyer and no consideration involved. The dissolution did not trigger related-party concerns, slump-sale disclosures or scheme-of-arrangement requirements. It was, in regulatory terms, a clean exit. 

The disclosure was signed by R K Singhi, executive vice president and company secretary, and circulated to Indian stock exchanges as well as regulators in the United States and Luxembourg. 

For ITC, a conglomerate spanning FMCG, paperboards, packaging, agri-business and information technology, the move is less about retrenchment and more about housekeeping. A negligible unit has been taken off the books, allowing management to concentrate capital and attention where scale and growth still matter. 

In an era of portfolio pruning and sharper capital discipline, even giants make quiet cuts. This one barely made a ripple.