Atul Auto has, inter alia, signed the term-sheet with JBM Industries Limited for entering into a Joint Venture Agreement (tlNA”) with an object to expand/ develop the business of Three Wheeler Electric Autos with the blend of respective expertise.
JBM Industries Limited, established in 1982, is a part of JBM Group of Companies. It is primarily engaged in manufacturing of sheet metal components and fabrication.
The existing Wholly Owned Subsidiary of the Company namely, Atul Green Automotive Private Limited will be utilised for this purpose.
The term-sheet is subject to the parties agreeing upon and executing the definitive NA which will include detailed terms and conditions in relation to the Proposed Transactions. In the event, the discussions between the contracting parties in relation to the Proposed Transaction are successful and definitive agreement is executed.