Alan Scott and Nanoveu to set up a new Joint Venture; stock dips ~5%

28 Jul 2022 , 03:08 PM

Alan Scott Industries Limited announced that it signed a Memorandum of Understanding (MoU) to establish a new Joint Venture (JV).

The company highlighted that it has incorporated a new JV company in the name and style of ‘Alan Scott Nanoveu India Ltd.’

In this JV, Alan Scott will hold 51% of its issued, subscribed, and paid-up capital and Nanoveu will hold 35%.

The JV is incorporated to focus on selling & distribution of Antibacterial Surface Protectants, Wellness, Indoor Air & Environment, Energy Efficiency & Lifestyle products in India.

At around 3.18 PM, Alan Scott was trading 4.98% lower at Rs140.10, against previous close of Rs147.45 on BSE. So far, it touched intraday high and low of Rs147.65 and Rs132.20 respectively.