|
| Exchange Disseminated Time 18/01/2016 18:24:44 | Spice Mobility Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 18, 2016 approved a proposal to enter into a "Joint Venture Agreement" between the Company and Itel Mobile Limited (Itel), a Company incorporated under the laws of Hong Kong, Cloud Ranger Limited (Cloud Ranger), a Company organized under the laws of Samoa and S Mobile Devices Limited, a wholly owned subsidiary of the Company, to engage in the business of selling, marketing and distributing mobile devices, handsets, accessories and other electronic products under 'itel' Brand, owned by Itel.
Consequent to the implementation of the said JV Agreement S Mobile Devices Limited will cease to be a subsidiary of the Company.
The Board of directors is of the view that this Joint Venture Agreement will be beneficial to the shareholders of the Company and will pave the way to gain a higher market share in the mobility devices market with the introduction of the 'Itel' brand in India and through the combined strength of the Joint Venture Partners. |
|
|