Electrical products maker Crompton Greaves today said its subsidiary has entered into an agreement with Saudi Arabia based-EIC Group to form a joint venture company to manufacture transformers.
Pauwels Trafo Belgium NV, subsidiary of the company has entered into a definitive memorandum of undertaking with the company, for establishing a joint venture company to manufacture medium power transformers, Crompton Greaves said in a filing to the Bombay Stock Exchange(BSE).
The total equity capital of the joint venture company would be $6 million (nearly 29.3 crore), out of which the company, through its subsidiary would contribute $3.06 million, for a 51 per cent stake, the filing added.