ICSA India enters into agreement with ECE Industries
Software solutions provider ICSA India said that it has entered into an agreement with electrical equipment maker ECE Industries to purchase its machineries.
By PTI |
MUMBAI: Software solutions provider ICSA India on Wednesday said that it has entered into an agreement with electrical equipment maker ECE Industries to purchase its machineries.
The company has entered into a memorandum of agreement with ECE Industries for the purchase of all the machineries and equipments belonging to its energy meter plant at Hyderabad, ICSA India said in a filing to the Bombay Stock Exchange.
This agreement would enable ICSA India to manufacture the energy meters on its own capacity, it added.
The MOA permits ICSA to use the brand name of ECE Industries for six months effective from the date of the agreement, following which the said energy meter would be marketed under its own brand name.
Under the agreement both the companies have agreed for a non-compete clause where ECE would not venture into electronic energy meter for a period of five years from the date of this agreement, the filing added.
Shares of ICSA India closed at Rs 377.40, up 4.99 per cent on the BSE.
The company has entered into a memorandum of agreement with ECE Industries for the purchase of all the machineries and equipments belonging to its energy meter plant at Hyderabad, ICSA India said in a filing to the Bombay Stock Exchange.
This agreement would enable ICSA India to manufacture the energy meters on its own capacity, it added.
The MOA permits ICSA to use the brand name of ECE Industries for six months effective from the date of the agreement, following which the said energy meter would be marketed under its own brand name.
Under the agreement both the companies have agreed for a non-compete clause where ECE would not venture into electronic energy meter for a period of five years from the date of this agreement, the filing added.
Shares of ICSA India closed at Rs 377.40, up 4.99 per cent on the BSE.
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