Jaydev Sanghavi, Executive Director, Aarvi Encon said, "We are pleased to announce this new joint venture for Aarvi Encon, delivering on our commitment to strategically expand internationally. Aarvi Encon and AEP Saepulloh look forward to working together to unlock the potential of our manpower deputation businesses. We believe that this joint venture is a great opportunity to ensure the future success of Aarvi Encon while unlocking meaningful after-tax value for Aarvi’s shareholders.”
As per the agreement, the company's subsidiary Aarvi Encon FZE, UAE would own a 49% controlling stake and the local owner at Jakarta would own the balance 51% majority stake.
Aarvi Encon will provide its expertise for the new joint venture, while AEP Saepulloh will address the requirement for manpower deputation and operation and maintenance services across Indonesia thus leading to an increase in customer base and wider international reach.
At around 12.55 PM, Aarvi Encon was trading at Rs67.65 per piece up by 1.8% on Sensex.