A further investment of up to Rs 40 crore, subject to Neolync achieving agreed milestones, is expected to be completed by March 2023. The total investment will translate into 40% of equity share capital in Neolync on a fully paid up and diluted basis.
Neolync was incorporated in India on 14 October 2019. Neolync and its subsidiaries and associate companies are engaged in India based manufacturing of electronic products such as mobile phones, telecom products and computing devices etc.
Neolync is an early stage company with Income of Rs 3.26 crore and Net Loss of Rs (1.03) crore for FY2021 and Net Loss of Rs (2.39) crore for the period October 2019 to March 2020.
The aforesaid investment is part of group's overall 5G initiatives and commitment to 'Government of India's 'Made in India' initiatives for fostering indigenous manufacturing especially in next gen 5G technologies.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
