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| Exchange Disseminated Time | Savita Oil Technologies Ltd has submitted to BSE a copy of Announcement titled "Further Intimation regarding terminated the Technical Collaboration Agreement for Idemitsu Products."
Announcement :
"With reference to the earlier announcement dated October 14, 2011, regarding terminated the Technical Collaboration Agreement for Idemitsu Products, Savita Oil Technologies Ltd has now informed BSE that, as provided in the Agreement, the Company has the right to manufacture and market the Idemitsu Products for a further period of 3 years from the expiry of the said 180 days. The Company has to further inform that pursuant to the terms of the Agreement, it has received a total consideration of Rs. 56,50,27,795.00 as compensation from Idemitsu Lube India Private Limited for early termination of the
The Company desires to mention here that the Technical Collaboration Agreement for Genuine Products with the same collaborators continues to remain in force.
The Company wishes to reiterate that the termination of the Agreement would only marginally impact the sales volume of the Company. This impact would not exceed 2% of the total sales volume of the Company for the financial year 2011-12." |
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