Innoventive Industries has incorporated a Corporation, within the meaning of applicable laws prevailing in the United States by the name of 'Innovative Americas INC'.(IAI), which is wholly owned by the company. Earlier, in 2002 the company has floated a step down subsidiary /Limited Liability Company in the United States of America by the name Salem Steel NA LLC (SSNA).
Now the company has signed an agreement through SSNA to acquire entire inventory, receivables, book debts, furniture, fixtures, machinery, intellectual property and other intangible rights etc., appearing in the books /records of SSNA as at December 31,2011 together with its on going business on mutually agreed terms and conditions. The company shall own 85% stake in SSNA through IAI, whereas balance 15% will be retained by one of the existing promoter of Salem. The agreed amount of consideration payable by the company for acquisition of said 85% stake is $4.675 million.
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Varroc Engineering | 510.50 |
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