Ricoh Breaks up with Ricoh India

Ricoh Group has concluded the transfer of all its shares in Ricoh India Ltd. (Hereinafter referred to as Ricoh India) to third parties and dissolved its capital relationship with Ricoh India. On January 29, 2018, Ricoh India filed an application to initiate the corporate insolvency resolution process with the National Company Law Tribunal (NCLT). “Under the resolution plan, 73.6% of the shares issued by Ricoh India, which were owned by the Ricoh Group, were transferred to the Successful Resolution Applicants. As Ricoh India ceased to be part of our consolidated company in May 2018, there will be no change in the scope of consolidation as a result of this transfer. The company name Ricoh India has also been changed to Minosha India Limited,” Ricoh announcement wrote. Pursuant to the approved resolution plan, Ricoh Group transferred all its shares in Ricoh India to the Successful Resolution Applicants. The announcement also stated that the impact on the consolidated results will be minimal.