At meeting held on 13 February 2015
Prakash Steelage announced that the Board of Directors of the Company at its meeting held on 13 February 2015 have approved the proposal to enter into a joint venture agreement with Tubacex, S.A., a company incorporated in Spain.Pursuant to the joint venture agreement, the Company proposes to transfer the seamless stainless steel tubes and pipes business of the Company to the new company to be initially incorporated as a wholly owned subsidiary of the Company and subsequently, the majority of the share capital shall be held by Tubacex S.A. and the balance shareholding shall be held by the Company.
The Board also approved appointment of Neetta K Bokaria as Additional Director and who will be a women Independent Director of the Company.
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