Deals6 Nov 2024, 06:57 pm
NIBE Ltd signs LOI with HBE, South Korea for Joint Venture in Defence and Aerospace Manufacturing
AI Summary
NIBE Ltd has announced the signing of a Letter of Intent (LOI) with HBE, South Korea. The LOI is for the establishment of a joint venture in India, aimed at setting up forging facilities for the manufacture of defence and aerospace products. NIBE and HBE will hold a 51:49 ratio in the proposed JV. The LOI is non-binding, subject to due diligence, various regulatory and legal permissions, and a definitive agreement. Further developments will be updated as they occur.
Key Highlights
- NIBE Ltd signs LOI with HBE, South Korea for joint venture in defence and aerospace manufacturing
- The joint venture will set up forging facilities in India
- NIBE and HBE will hold a 51:49 ratio in the proposed JV
- The LOI is non-binding and subject to due diligence, regulatory and legal permissions
- Further developments will be updated as they occur