NCL Industries Limited has signed an agreement to establish a Joint Venture Company with Qingdao Xinguangzheng Steel Structure Company Ltd. China for manufacture of Pre-engineered Steel Structures in India. The Board has approved the proposal to incorporate a Joint Venture Company pursuant to the Agreement.

In terms of the agreement, NCL and the Chinese Partner will hold 70% and 30% respectively of the equity of the Joint Venture Company.

The estimated project cost for the venture is around Rs.35 Crores and the equity investment of NCL in the Joint Venture will be in the range of Rs. 7.70 crores.