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| Exchange Received Time 30/03/2018 17:36:52 Exchange Disseminated Time 30/03/2018 17:36:59 Time Taken 00:00:07 | With immense pleasure we wish to inform that today we have signed a 'Joint Venture Agreement' with Aisan Industry Co., Ltd., Japan for manufacture of Fuel Injection System and IC connector for two-wheelers and three-wheelers for Indian market.
India is now the world biggest two wheeler market and still growing with a fast pace. Fuel Injection System will become mandatory for two-wheelers and three-wheelers w.e.f. April, 2020 under Bharat Stage VI (BS VI) regime. This is an advanced Emission Control System Product, which will have huge market in India under BS VI norms and will replace carburetor.
The initial share capital of Joint Venture Company is proposed INR 1 Billion, wherein shareholding of Fiem will be 26% and of Aisan will be at least 69%.
The other information are as per attached letter. |
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