Salzer Electronics incorporates JV Salzer Emarch Electromobility; stock ends higher

The new Joint Venture Company was incorporated with an objective of making electric conversion kits for auto-rickshaws, cars and buses and also manufacture novel electric driven utility vehicles and other allied activities, the company said in the filing.

Sep 03, 2021 04:09 IST India Infoline News Service

Shares of Salzer Electronics ended higher by nearly 11% on the BSE.  The company has incorporated a joint venture Salzer Emarch Electromobility to make electric conversion kits for auto-rickshaws, cars and buses and also manufacture novel electric driven utility vehicles and other allied activities.

“In continuation of our Media Release dated July 19, 2021, as well as Disclosure dated July 22, 2021, with regard to our Joint Venture Agreement with an IndoAustrian technology firm - Emarch LLP through our Wholly-owned Subsidiary Salzer EV Infra Private Limited and in pursuance of which, about formation of Joint Venture Company – Salzer Emarch Electromobility for making electric conversion kits for auto-rickshaws, cars and buses and also manufacture novel electric driven utility vehicles, we would like to inform that the Joint Venture Partners incorporated aforesaid “Salzer Emarch Electromobility,” the company said.

The new Joint Venture Company was incorporated with an objective of making electric conversion kits for auto-rickshaws, cars and buses and also manufacture novel electric driven utility vehicles and other allied activities, the company said in the filing.

The cost of acquisition or the price at which the shares are acquired with an Initial subscription amount of Rs.1 lakh (1,00,000), it added.

Salzer Electronics Ltd ended at Rs167.60 up by Rs16.5 or 10.92% from its previous closing of Rs151.10 on the BSE.

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