HFCL has signed a Share Subscription and Shareholders' Agreement on 15 March 2021, with Nimpaa Telecommunications and the promoters of Nimpaa.
In terms of the Agreement, the Company intends to acquire up to 50% of the paid-up equity share capital (on a fully diluted basis) of Nimpaa, in one or more tranches, by way of subscribing its equity shares.
The Company is acquiring stake in Nimpaa, keeping in line with thrust on addition of new telecom network products in the field of communications, specifically Aramid Reinforced Plastic (ARP) rods. ARP rods shall be manufactured and supplied by Nimpaa for HFCL, its subsidiaries and associate companies' captive consumption.
The transaction is expected to be completed by April 2021.
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