|
| Exchange Disseminated Time | Hindustan Composites Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 09, 2013, inter alia, has resolved the following:
1. Entered into a Joint Venture Agreement with ADVICS North India Pvt. Ltd., an affiliate of ADVICS CO. LTD (jointly owned by Aisin Seiki Co. Ltd, Denso Corporation, Sumitomo Electric Industries Ltd. and Toyota Motor Corporation), who is a world leader in passenger vehicle brake systems and friction material. A new JV Company, with the shareholding of both the parties, will be established in Aurangabad for the manufacturing of Disc Brake Pads with technology provided by ADVICS, Japan. The manufacturing operations at new site in Aurangabad are expected to start from the 2nd quarter of the next financial year.
The summary of the new Company to be established is as follows:
a) The purpose of the JV Company is to manufacture Disc Brake Pads and related components for Passenger Vehicles.
b) Proposed name of the JV Company is COMPO ADVICS (India) Pvt. Ltd.
c) The Company will be incorporated in Mumbai and will have its production unit located in Aurangabad, Maharashtra.
d) Hindustan Composites Ltd. and its affiliated Company will hold 51% and ADVICS North India Pvt. Ltd. will hold 49% in shareholding of the JC Company.
e) The new JV Company will be incorporated by October 2013.
f) The first president of the JV Company would be Dr. V. G. Naik. |
|
|