The company has signed a joint venture agreement with Leclanche S.A., a company incorporated under the laws of Switzerland and having its registered office at Switzerland.
Shares of Exide Industries added 2 percent intraday Thursday as company entered in to joint venture agreement with Switzerland company.
The company has signed a joint venture agreement with Leclanche S.A., a company incorporated under the laws of Switzerland and having its registered office at Switzerland.
Leclanche will grant licence to joint venture company (JVC) of its latest and most efficient technology for manufacturing of lithium batteries, module making and associated systems.
The company will make an initial capital contribution of Rs 3,74,950 at a subscription price of Rs 10 per share and Leclanche will make an initial capital contribution of Rs 1,25,050 at a subscription price of Rs 10 per share constituting approximately 74.99 percent and 25.01 percent of the total paid up capital of JVC respectively.
Post company's investment the JVC will become a subsidiary of Exide.
At 09:40 hrs Exide Industries was quoting at Rs 249.55, up Rs 1.75, or 0.71 percent on the BSE.
Posted by Rakesh Patil