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Nilkamal acquires JV partner's stake in Nilkamal Bito Storage Systems

Capital Market 

Nilkamal has completed the acquisition of entire shareholding of Bito Lagertechnik, Bittmann GmbH in Nilkamal Bito Storage Systems, a joint venture company.

Consequent to the said acquisition, the Company has terminated:-

1) The Joint Venture Agreement dated April, 18, 2006, by and amongst Nilkamal (Formerly known as Nilkamal Plastics) and Bito Lagertechnik Bittmann GmbH, as amended on July 11, 2016 by and amongst Nilkamal Limited, Bito Lagertechnik Bittmann Gmbh and Nilkamal Bito Storage Systems.

2) License Agreement dated 22 May 2006 by and amongst Bito Lagertechnik, Bittmann Gmbh and Nilkamal Bito Storage Systems.

Nilkamal Bito Storage Systems has now become the wholly owned subsidiary of the Company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 23 2019. 12:19 IST