ELGi:UAE subsidiary enters JV for market expansion
25 June 2019
Tamil Nadu-based air compressor manufacturer, Elgi Equipments informed in a stock exchange filing that its subsidiary in UAE has entered a joint venture with local Emirati, on Thursday after market hours.
Elgi Gulf FZE, its wholly-owned subsidiary, incorporated a company by the name and proposes to subscribe and invest to an extent of 1.47 lakh UAE Dirhams constituting 49 per cent of the total capital of, Elgi Gulf Mechanical and Engineering Equipment Trading LLC in the UAE. The objective of proposing to acquire 49 per cent ownership stake in this company is to facilitate the sale of air compressors for customers located in the region.
Wishing ELGi luck and prosperity for being on its path on being a global brand.