China's Qingdao Xinguangzheng Steel Structure Company Ltd has signed an agreement to establish a joint venture with NCL Industries, a manufacturer and seller of building materials in India.
The joint venture is formed for the manufacturing of pre-engineered steel structures in India, sources reported.
As per the terms of the agreement, NCL and the Chinese partner will share the equity in the ratio of 70:30 in the joint venture company, NCL announced after market hours on August 23.
The estimated project cost for the venture is around Rs35cr ($4.85 million) and the equity investment of NCL in the joint venture will be in the range of Rs7.70cr.
On August 23, share price of NCL Industries Ltd ended at Rs103.05 down by Rs1.15 or 1.1% from its previous closing of Rs104.20 on the BSE.
The scrip opened at Rs102.70 and touched a high and low of Rs107.25 and Rs98 respectively, data showed.
(Writing by Tian Zhang Editing by Harry Huo)
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