Exhicon forms JV for Mohali Convention Centre, transfers 35% stake

Exhicon Events Media Solutions Ltd. has entered into a Joint Venture Agreement (JVA) with India Exposition Mart Limited (IEML) and its subsidiary, Exhicon Mohali Convention Centre Private Limited (EMCCPL). Under the JVA, Exhicon will transfer 35% of EMCCPL's equity shares (52,500 shares) to IEML for a cash consideration of ₹5,25,000. Following this transfer, Exhicon will hold 65% and IEML 35% of EMCCPL, making EMCCPL a subsidiary rather than a wholly-owned one. The JV aims to develop, finance, implement, operate, and maintain the Mohali Convention & Exhibition Centre, currently under construction in Mohali, Punjab, under a PPP model with the Government of Punjab. The project's estimated cost is ₹75 Crore. The EMCCPL board will have two directors from Exhicon and one from IEML, with future capital contributions proportional to shareholding.