Fiem Industries Ltd exits from JV Company

Market Times - market news
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Fiem Industries Ltd. (the Company) has decided to exit from Joint Venture Company (JV Company) – Aisan Fiem Automotives India Pvt. Ltd.

Accordingly, in terms of Joint Venture Agreement (JV Agreement), the Company has exercised the put-option rights and offered the entire shares held by the Company in the JV Company to the other Joint Venture partner i.e. Aisan Industry Co., Ltd., Japan for purchase at face value or fair market value, whichever is higher. Company had invested Rs. 26 Crore for acquiring 26% shareholding in the JV Company.

The Company has received the entire sale consideration of Rs. 26 Crore from the buying Joint Venture partner i.e. Aisan Industry Co., Ltd. and transfer of shares to the buying Joint Venture partner has been approved by JV Company today. With this, substantial steps of JV exit has been completed and other compliance formalities will be completed in due course.