Sterling Tools has infused its first tranche of investment amounting to Rs 3 crore in Joint Venture Company (JVC) named Sterling Gtake E-mobility and 30 lakh equity shares of Rs 10 each have got allotted on March 12, 2020 in said JVC.
Further, the other JV Partner- Jiangsu Gtake Electric Company (Gtake) will infuse its funds by end of May 2020 as they are in process of seeking China Government' approval for investment in India and since the Government offices are closed due to Corona Impact, they will be able to have this approval latest by April 2020. Thus, till the Joint Venture Partner infuses its funds by May 2020, the said JVC may be treated as a Wholly Owned Subsidiary Company of Sterling Tools.
Earlier, the company had signed joint venture agreement with the China based company named Jiangsu Gtake Electric Company (Gtake) in equity proportion of 51:44.
Sterling Tools is engaged in the manufacturing and marketing of high tensile cold forged fasteners.
Company Name | CMP |
---|---|
Sundram Fasteners | 1198.15 |
Sterling Tools | 364.95 |
Lakshmi Prec. Screws | 4.37 |
Simmonds Marshall | 84.52 |
Globe Exim | |
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