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Journalism of Courage
Electrical products maker Crompton Greaves said its subsidiary has entered into an agreement with Saudi Arabia based-EIC Group to form a joint venture company to manufacture transformers.
Pauwels Trafo Belgium NV,subsidiary of the company has entered into a definitive memorandum of undertaking with the company,for establishing a joint venture company to manufacture medium power transformers,Crompton Greaves said in a filing to the Bombay Stock Exchange.
The total equity capital of the joint venture company would be USD 6 million (nearly 29.3 crore),out of which the company,through its subsidiary would contribute USD 3.06 million,for a 51 per cent stake,the filing added.
