Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, NIBE has informed that the Company 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. They will update from time to time the further development in the matter, as and when occurred.
The above information is a part of company’s filings submitted to BSE.
