Stove Kraft to Incorporate Subsidiary & JV in China

Stove Kraft Ltd's Board of Directors has approved the incorporation of a wholly-owned subsidiary (WOS) and a joint venture in China. The WOS, named Stove Kraft Guangzhou Import Export Limited (subject to approval), will trade goods for the company. The joint venture with Ningbo Wochi New Materials Co., Ltd. will manufacture triply sheets/circles for cookware, with a 50:50 shareholding. Both ventures are subject to regulatory approvals, including from the Reserve Bank of India and Chinese authorities. Related party transactions will be conducted at arm's length.