Gujarat Apollo Industries Limited ('Company'), has announced that its material subsidiary AEML Investments Limited (formerly known as Apollo Earthmovers Limited) ('AEML') had entered into a joint venture agreement dated 19 December 2012 with the Company, Ammann Switzerland Ltd., Ammann Singapore Pte. Ltd. and Ammann India Private Limited (formerly known as Apollo Construction Equipment Limited) ('AIN') in relation to the operation and management of the business and affairs of AIN ('JVA'). AEML currently holds 30% of the total paid up share capital of AIN ('Shares').
AEML now proposes to exercise its right under the JVA in relation to the sale of the Shares and the board of directors of AEML, at its meeting held today, passed a resolution, initiating steps to proceed with the sale of the shares that the Company holds in AIN and informing Ammann Singapore Pte. Ltd. and AIN of its intention to exercise the put option that AEML has under the JVA.