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FIEM Industries files DRHP with SEBI, to issue 41 lakh shares

Written by: Staff

New Delhi, July 4 (UNI) FIEM Industries Ltd today announced it has filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI, and plans to enter the capital market with a public issue of Rs 41,00,000 equity shares.

The shares, at Rs 10 each, will be filed through 100 per cent book building process.

The company's expansion plan covers setting up a new manufacturing unit at Nalagarh in Himachal Pradesh and expanding its existing manufacturing facilities at Unit I and II at Kundli, Haryana and Hosur, Tamil Nadu.

The company is planning to set up an EQU, (Unit-V) in Hosur, Tamil Nadu, with a technical support agreement with Japan-based Ichikoh Industries Ltd.

Moreover, it has also entered into a joint venture agreement with Korea Airconditioner Co Ltd for manufacturing automotive radiators and air conditioning systems.

MoUs has also been signed with Aspock Holding, Austria and Italy-based ZAFI Division Fanaleria CEV for the manufacture of automotive lamps, handle bar switches, instrument cluster, locks and wiring harness.

The company is also going to establish a design centre in Delhi to upgrade its designing and engineering skills besides already existing liaison-cum-design centre in Japan.

FIEM is one of the leading manufacturers of automotive lighting and signaling equipments, and rear view mirrors.


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