Deals24 Jan 2025, 12:37 am
NRB Bearings Ltd. Approves Inter-Company Agreement with NRB Industrial Bearings Ltd. for Intellectual Property Rights and Immovable Property Use
AI Summary
NRB Bearings Ltd. has approved an Inter-Company Agreement with NRB Industrial Bearings Ltd. (NIBL), a related party, for regulating the rights to use intellectual property, releasing the right to use the immovable property of the Company, and including non-solicitation of employees. The Company will pay NIBL Rs. 55.12 crores upon completion of certain conditions precedent. This agreement is entered at an arm's length basis and is not related to any potential conflict of interest.
Key Highlights
- NRB Bearings Ltd. and NRB Industrial Bearings Ltd. have entered into an Inter-Company Agreement
- The agreement focuses on intellectual property rights, immovable property use, and non-solicitation of employees
- The Company will pay NIBL Rs. 55.12 crores upon completion of certain conditions precedent
- The related party transaction is entered at an arm's length basis
- The agreement is not related to any potential conflict of interest