Atul Auto Signs Term Sheet For Joint Venture With JBM Industries
Atul Auto Limited has, inter alia, signed the term-sheet with JBM Industries Limited for entering into a Joint Venture Agreement (JVA) with an object to expand/ develop the business of Three Wheeler Electric Autos with the blend of respective expertise.
For the information of the stakeholders of the Company, we would like to state that JBM Industries Limited, established in 1982, is a part of JBM Group of Companies. It is primarily engaged in manufacturing of sheet metal components and fabrication. The existing Wholly Owned Subsidiary of the Company namely, Atul Green Automotive Private Limited will be utilised for this purpose. Further, the term-sheet is subject to the parties agreeing upon and executing the definitive JVA which will include detailed terms and conditions in relation to the Proposed Transactions.