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Mukand Ltd signed a master agreement with Sumitomo Corporation of Japan on October 29 for establishing a joint venture to carry on the business of Cold Finished Bars & Wires (CFB&W) that was transferred to a subsidiary Technosys Metal Processing Ltd (TMPL) ahead of its conversion into a joint venture for a consideration of Rs 252.50 crore.
The business of CFB&W including its rights, title and interest in the movable and tangible assets but excluding its interest in land, property lease, employees and liabilities, have been transferred to TMPL and would be carried on by the JV company following approval by Mukand’s shareholders, the company said in its filing with the stock exchanges.
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