Enkei Wheels (India) Ltd (EWIL) has announced that the Company on 27th November 2019 has entered into Joint Venture Agreement to form Joint Venture Company.
The joint venture partners are Nikkei MC Aluminium Co. Ltd, Japan, (60% stake in JV) Century Metal Recycling Limited, India (26% stake in JV) and Enkei Corporation, Japan (7% stake in JV). EWIL will also hold 6% stake in JV company.
The purpose of the JV is to incorporate a private limited company (Joint Venture Company') with the main objects of, manufacturing, importing/ exporting, processing of primary and/ or secondary metal, metal scrap recycling and selling of aluminium al loys in molten and ingot form.
EWIL is manufacturing alloy wheels, metal scraps get generated in manufacturing process. Reprocessing of these metal scraps is currently outsourced, which will be recycled by JV company. This reprocessed metal scraps will be used in manufacturing of alloy wheels which will save time and cost.
Shares of ENKEI WHEELS (INDIA) LTD. was last trading in BSE at Rs.302.6 as compared to the previous close of Rs. 316.55. The total number of shares traded during the day was 686 in over 20 trades.
The stock hit an intraday high of Rs. 324 and intraday low of 302.6. The net turnover during the day was Rs. 210947.