Joint Venture11 Apr 2024, 10:48 pm
Advait Infratech Ltd Announces MoU with TECO 2030 for Joint Venture in Renewable Energy
AI Summary
Advait Infratech Ltd has announced a Memorandum of Understanding (MoU) with TECO 2030, a Norwegian-based clean-tech company. The collaboration intends to establish a joint venture in India to develop, manufacture, and commercialize TECO 2030's Fuel Cell Technology within the Indian and SAARC markets. Advait Infratech Ltd will hold the majority shareholding, and the joint venture will be exclusively authorized to handle the expansion of fuel cell technology in these regions.
Key Highlights
- Advait Infratech and TECO 2030 sign MoU for investment and joint venture.
- The joint venture will focus on developing, manufacturing, and commercializing TECO 2030's Fuel Cell Technology in India and the SAARC market.
- Advait Infratech will hold the majority shareholding in the joint venture.
- The partnership aims to leverage both companies' strengths and contribute to clean energy solutions.
- Regulatory and statutory requirements will be complied with during the formation and operation of the joint venture.