Pavna Industries and SmartChip Microelectronic Corporation Approve Joint Venture Agreement

Pavna Industries Limited and SmartChip Microelectronic Corporation have executed a Joint Venture Agreement to form a new company that will undertake the business of making electronic components for various industries, with a significant focus on the automobile industry (ICE & EV). The new Joint Venture Company will have an authorized and paid-up capital of Rs.5,00,000 (Five lakh) divided into 50,000 (Fifty Thousand) Equity Shares of Rs. 10/- each. Pavna Industries Limited will hold 80% of the shares, while SmartChip Microelectronic Corporation will hold 20%. The Joint Venture Company will be a subsidiary of Pavna Industries Limited, with 4 directors nominated by Pavna Industries Limited and 1 director nominated by SmartChip Microelectronic Corporation. One of the directors nominated by Pavna Industries Limited will be designated as the Managing Director.