International Combustion India Ltd updates on JV

Further to the termination of the Joint Venture Agreement, which was executed on 23rd July, 2012, between International Combustion (India) Ltd and Allgaier Werke GmbH, Germany, for the creation of a Joint Venture Company (JV Company) by the name of Mozer Process Technology Private Limited, which was duly incorporated on 22nd May, 2013, the Company has now written down / off in its books, the entire investment of Rs. 50 lakh made by it in the JV Company and also taken necessary measures for the complete cessation / closing down of the operations of the JV Company.

Accordingly, Mozer Process Technology Private Limited has ceased to be a Joint Venture Company of the Company with effect from 30th December, 2020 and the Company shall not therefore, be publishing Consolidated Financial Results / Statements & shall only be publishing Standalone Financial Results / Statements with effect from the quarter ending 31st December, 2020.

However, the technology transfer agreement dated 234 July, 2012, executed between the Company and Allgaier Process Technology GmbH, Germany, shall continue to be in force and the Dryers manufactured by the Company under technical know-how transfer and licence from Allgaier, shall, henceforth, be marketed and sold in India and the other South-Asian countries directly by the Company.

Shares of INTERNATIONAL COMBUSTION (INDIA) LTD. was last trading in BSE at Rs.184.2 as compared to the previous close of Rs. 184.8. The total number of shares traded during the day was 871 in over 48 trades.

The stock hit an intraday high of Rs. 193.75 and intraday low of 177.05. The net turnover during the day was Rs. 160252.

Source : Equity Bulls

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