Genus Overseas Electronics JV with Brazil firm

Mumbai, Sept 19: Genus Overseas Electronics Ltd has decided to enter into a Joint Venture (JV) with Mobix, a Brazilian company who are one of the leaders in Communication Technology.

Announcing this, the company told BSE that the transaction involves total investment of US$ 15 million, of which as much as million would be raised through loan from development bank in Brazil @ Zero per cent interest and the rest will be raised through equity from both the companies.

Electronic meters are being manufactured using state of art AMR technology and the Company's products have found wide acceptance in Latin America.

The company is already doing pilot projects in Brazil since last two years and have got all necessary approvals from there.

UNI