A.Birla Nuvo to buy NGK's equity in Birla NGK
Mumbai, Nov 20: Aditya Birla Nuvo, along with its subsidiary, has entered into a share purchase agreement with its joint venture partner, NGK Insulators (NGK), Japan to purchase all the equity shares held by NGK and its affiliate - Mitsubishi Corporation in Birla NGK Insulators (Birla NGK), a 50:50 joint venture company floated with the partner for insulator business.
Consequent to the transaction, Birla NGK will cease to be a joint venture company and will become a subsidiary of Aditya Birla Nuvo, the company said in a notice issued to BSE. The existing marketing agreement, agreement for know-how, patents and technical assistance between joint venture partner, NGK will also be terminated on completion of the deal, which shall be completed before December, 2006.
Aditya Birla Nuvo and its wholly-owned subsidiary will buy the equity shares in two tranches.