The Board Fiem Industries at its meeting held on 14 February 2022 has decided to exit from Joint Venture Company (JV Company) – Aisan Fiem Automotives India.
Accordingly, in terms of Joint Venture Agreement (JV Agreement), FIEM Industries will, in exercise of the put-option rights reserved under the JV Agreement, offer the entire shares held by the Company in the JV Company to the other Joint Venture Partner(s) for purchase at face value or fair market value, whichever is higher. FIEM Industries had invested Rs. 26 crore for acquiring 26% shareholding in the JV Company. The exit process is expected to be completed within first quarter of next financial year.
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