NIBE has informed that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, to set-up a joint venture in India with Sig Sauer, USA, (a world renowned firearms and weapons manufacture of premier global military, law enforcement and commercial users) to manufacture weapons and defence products for the Indian military, paramilitary, security and Police Services. In proposed JV Nibe and Sig Sauer will hold in the ratio of 51:49. The aforesaid term sheet is subject to due diligence, various regulatory & legal permissions/approval. 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.
