NCL Industries exits JV with Moravia Containers A S; Stock gains 1%

14 Jun 2022 , 09:17 AM

NCL Industries Ltd has informed that earlier the company had signed an Agreement to set up a Joint Venture Company with Moravia Containers A S of Czech Republic for manufacture of Modular Containers & Systems and other products.

Further, in order to conserve its resources and concentrate on the existing lines of business, NCL Industries has terminated the Joint Venture Agreement with Moravia Containers a.s., Czech Republic for manufacture of Modular Container Systems.

“No significant investment has been made by the company in the Joint Venture company except for Rs74,900 towards the initial subscribers’ Share Capital of the Joint Venture Company at the time of incorporation. These shares are being transferred at par to the person / entity chosen or approved by Moravia Containers AS”, said the company in a regulatory filing.

At around 9:17 AM, NCL Industries was trading at Rs168.20 per piece higher by 1.23% on the BSE.