Nibe has signed a Letter of Intent (LoI) with HBE, South Korea to set-up a joint venture for forging facilities in India to manufacture defence and aerospace products. In proposed JV Nibe and HBE will hold in the ratio of 51:49. The aforesaid LoI is a non-binding subject to due diligence, various regulatory & legal permissions/approval and definitive agreement.
NIBE (Formerly known as Kavita fabrics) manufactures synthetic fabrics in the form of semi-finished sarees and dress materials. These products are offered in various designs as per customer requirements.
