Nicco Corp to form JV with Italy-based Prysmian group
Electrical cable manufacturer Nicco Corporation today said it will set up a joint venture company with Italy's Prysmian group to cater to the Indian cable market.
By PTI |
MUMBAI: Electrical cable manufacturer Nicco Corporation today said it will set up a joint venture company with Italy's Prysmian group to cater to the Indian cable market.
Prysmian, a global player in energy and telecommunications cables industry, would hold about 60 per cent stake, while Kolkata-based Nicco corporation would pick up 40 per cent stake in the JV company.
Prysmian (Dutch) Holdings BV, a subsidiary of Prysmian group, has signed a definitive agreement with Nicco Corporation to set up the said JV, Nicco Cables Ltd, the company said in a filing to the Bombay Stock Exchange.
Nicco Cables would acquire the cable business from Nicco Corporation for Rs 130 crore. The transaction would also result in the transfer of debt relating to the cable business from Nicco Corporation to the JV company.
The board of the JV company would include five directors, three of them including the Managing Director would be appointed by Prysmian and two of them, including the Chairman, would be named by Nicco.
Nicco Chairman Rajive Kaul would be the Chairman of the JV company while Prysmian would be responsible for managing the joint venture operations.
Shares of Nicco Corporation were trading at Rs 41.45, up 4.94 per cent on the BSE in afternoon trade.
Prysmian, a global player in energy and telecommunications cables industry, would hold about 60 per cent stake, while Kolkata-based Nicco corporation would pick up 40 per cent stake in the JV company.
Prysmian (Dutch) Holdings BV, a subsidiary of Prysmian group, has signed a definitive agreement with Nicco Corporation to set up the said JV, Nicco Cables Ltd, the company said in a filing to the Bombay Stock Exchange.
Nicco Cables would acquire the cable business from Nicco Corporation for Rs 130 crore. The transaction would also result in the transfer of debt relating to the cable business from Nicco Corporation to the JV company.
The board of the JV company would include five directors, three of them including the Managing Director would be appointed by Prysmian and two of them, including the Chairman, would be named by Nicco.
Nicco Chairman Rajive Kaul would be the Chairman of the JV company while Prysmian would be responsible for managing the joint venture operations.
ADVERTISEMENT
Shares of Nicco Corporation were trading at Rs 41.45, up 4.94 per cent on the BSE in afternoon trade.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
