Joint Venture7 May 2024, 10:27 pm
Mishra Dhatu Nigam Ltd Executes Joint Venture Agreement to Establish a Section 8 Company under Companies Act, 2013
AI Summary
Mishra Dhatu Nigam Ltd, along with four other companies, has executed a joint venture agreement to establish a new Section 8 Company under the Companies Act, 2013. This initiative is part of the Defense Testing Infrastructure Scheme (DTIS) and aims to provide focused support to research, development, and manufacturing in the defense sector, with a emphasis on MSMEs and startups.
Key Highlights
- Mishra Dhatu Nigam Ltd forms a consortium with five companies to establish a new Section 8 Company under Companies Act, 2013.
- The new company, named 'Advanced Materials (Defence) Testing Foundation', is aimed at supporting indigenous research, development, and manufacturing in the defense sector.
- Mishra Dhatu Nigam Ltd will hold a 20% stake in the new company, which is expected to cost approximately Rs. 3 Cr.