Ingersoll Rand (India) Board on 12 February 2021 approved the execution of the license agreement between the Company and IR Global Ventures LLC.
The Agreement inter alia provides for payment of royalty effective 01 January 2021 to IR Global Ventures LLC at the rate of 4% on the Company's net sales price of all products and services, against the licensing of the technical knowhow, global design, core manufacturing process and procedures, patents, trade secrets etc., collectively referred to as the Intellectual Property by IR Global Ventures LLC to the Company.
Net sales price will exclude sales to Intercompany [Related Party/Intra Group] customers.
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