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GMM Pfaudler US enters into joint venture with JDS Manufacturing

  • India Infoline News Service |
  • 30 Nov, 2022 |
  • 12:45 PM
GMM Pfaudler Limited informed that its wholly owned subsidiary GMM Pfaudler US Inc., USA has incorporated a joint venture company with JDS Manufacturing Inc in the USA named GMM Pfaudler JDS LLC.

It completed the acquisition of 51% shareholding of GMM Pfaudler JDS LLC on November 28, 2022.

The joint venture will assist both parties in expanding their high-margin service businesses and is expected to strengthen GMM Pfaudler Ltd's market position in the United States.

In the JV, JDS Manufacturing will hold a 49% stake and GMM Pfaudler US will hold a 51% stake.

GMM Pfaudler US Inc. will have the right to appoint one or more officers of GMM Pfaudler JDS LLC and will have the sole and complete authority and discretion to manage the joint venture company's operations and affairs.

As part of the agreement, JDS will have an affirmative right to approve business plans, acquire the business or material assets, make material investments in third parties, file for voluntary bankruptcy, incur debt above certain monetary thresholds, and so on.

GMM Pfaudler US Inc., USA, has subscribed to 5,100 units of GMM Pfaudler JDS LLC units granted for a consideration of USD 500,000 (approx. 4.08 crore), constituting 51% of the share capital of the company.

At around 12.49 PM, GMM Pfaudler was trading at Rs1,951.95 per piece, up by 2.95% from its previous closing of Rs1,895.95 on the BSE. The scrip touched intraday high and low of Rs1,969.55 and Rs1,881.40 respectively.

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