National Aluminium Company To Form JV With MIDHANI
National Aluminium Company Limited informs that a Joint Venture Agreement was signed with Mishra Dhatu Nigam Limited (MIDHANI) to incorporate a Joint Venture Company (JVC) with an objective for Setting up of High End Aluminium Alloys Plant for manufacturing of Plates, Sheets, etc.
The Board of the JVC shall have a maximum of twelve (12) board members including the Chairman of the Board. MIDHANI and NALCO shall nominate minimum two directors each to the Board.
MIDHANI and NALCO shall initially subscribe for shares in the JVC in equal proportion i.e. 50% each.
JVC may agree to induct a Technology Partner /Technology Associate/Technology Provider with shareholding up to a maximum of 10% of the total paid up equity in the JVC during incorporation or else may dilute up to 10% of the total paid up Equity (in equal proportion) to them.