Joint Venture3 Aug 2024, 12:25 am
RAM RATNA WIRES LTD. Announces Expansion Plans, Changes in Stake of Joint Venture Subsidiary Company, and Director Appointments
AI Summary
RAM RATNA WIRES LTD. has announced expansion plans for their Bhiwadi and Silvassa plants, changes in stake of their joint venture subsidiary company Epavo Electricals Private Limited, and the appointment of two new directors. The company will reduce its stake in Epavo from 74% to 50%, ceasing its subsidiary status. The Board has also approved additional investments for the Bhiwadi plant and Silvassa plant. The new directors, Hitesh Laxmichand Vaghela and Ashok Kumar Goel, will serve as Non-Executive Director and Non-Executive Independent Director respectively. The company is expected to start production at the Bhiwadi plant by the third quarter of the financial year 2024-25.
Key Highlights
- RAM RATNA WIRES LTD. announces expansion plans for Bhiwadi and Silvassa plants
- Company to reduce stake in Epavo Electricals Private Limited from 74% to 50%
- Appointment of Hitesh Laxmichand Vaghela as Non-Executive Director and Ashok Kumar Goel as Non-Executive Independent Director
- Additional investments approved for Bhiwadi and Silvassa plants
- Epavo will cease to be a subsidiary of the company after the stake reduction