Color Chips to open centre in Philippines

Color Chips India Ltd is planning to open a wholly-owned subsidiary in Philippines to increase its current production capacity.

The board has approved to open the subsidiary as its overseas production centre to augment its current capacity, the company informed the Bombay Stock Exchange on Friday.

The company would make a formal application to the Reserve Bank of India in this regard, it said.

The company, however, did not specify the investment and details on the capacity of the subsidiary.