Paras Defence will hold a 30 % stake in the venture, while CONTROP will hold the remaining 70%.
Net sales for the quarter rose by 15.1% YoY, reaching Rs.138.10 crore
The company witnessed a 1% dip in may month sales
TVS Motor Company reported a 9% increase in sales in May
The company further highlighted that it has received these orders from State Government Agencies.
Trafigura Group, a commodity trading firm, has provided $200 million in funding for VRL, while Glencore International AG, a mining and natural resource corporation, has provided $250 million.
The government announced that from June 1 subsidy will be reduced to 15%.
The company aims to strengthen its position in the premium TV segment with these new offerings.
According to Aditya Birla Capital Ltd., the preferential issuance would take place at a cost of Rs 165.1 per equity share and is pending approval from shareholders.
Company reported a 32.30% y-o-y increase in its domestic sales to 70,795 units.