Indag Rubber Limited informs that the Board of Directors in their meeting held on January 22, 2019, has agreed to enter into a joint venture with SUNMobility Pte Ltd, Singapore and Alberieth EV Services (P) Ltd.
The purpose of JV is to leverage capabilities and synergies of each other for electric mobility infrastructure services.
Indag will have 90 per cent economic stake in JVCO with an investment of $1.9 million (Rs 13.50 crores), while SUN Mobility Pte Ltd, Singapore (or through its associate company) will invest $0.2 million (Rs 1.50 crores) in JVCO.
The board of JVCO shall have equal representation of SUN Mobility and Indag.
Indag and SUN Mobility shall not transfer their shareholding to any other third party for a period of 3 years from the closing date.