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Nilkamal to acquire additional 50% stake in JV Nilkamal Bito Storage Systems

Capital Market 

Nilkamal announced that the Board of Directors of the company at its meeting held on 06 July 2019 has consented to enter into Share Sale Agreement ("SSA '') with Bito Lagertechnik Bittmann GmbH, Joint Venture partner of the Company to acquire their entire shareholding in Nilkamal Bito Storage Systems, a Joint Venture Company in India.

Post transfer of shares, Nilkamal Bito Storage Systems will become the wholly owned subsidiary of the Company.

The cost of acquisition of the additional 50% stake is Euro 6.5 million.

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

First Published: Mon, July 08 2019. 12:26 IST