MIC Electronics has received an approval for disinvestment of majority stake holding of Maave Electronics, a 100% subsidiary of the company, to improve the cash flows of the company. The board of directors at their meeting held on November 14, 2014 has decided for the same.
In this regard, the board has authorized Chairman & Managing Director of the company to find a prospective buyer, negotiate, deal, and finalize the price at fair market value in the best interest of the company.
The company has also commenced the execution of Nashik Municipal Corporation (NMC) project during the end of the quarter for replacement of existing 69,541 street lights with LED Luminaries and is expected to complete it within 6 months.
