Williamson Magor entres into Non-Compete Agreement with Flender

Mumbai, May 3 (UNI) Williamson Magor&Company Ltd., today said it has entered into a Non-compete Agreement with Flender Ltd., (Flender) agreeing not to compete with the latter for a period of three years in the business being carried out by it for a one time fee of Rs 5.64 crore.

The one-time fee is to be paid by Flender to the company, a release issued to BSE said. This Non-compete Agreement is linked with the Share Purchase Agreement executed on May 02, 2006 by Babcock Borsig Ltd., (whose 50 per cent share capital is held by the company's group) with Siemens Ltd agreeing to sell its 50 per cent stake in Flender to Siemens Ltd.

UNI SN PP SKB1947