Aditya Infotech to Form Joint Venture with Orient Cables; Shares Up 6%

MT Newswires Live04-17

Aditya Infotech (NSE:CPPLUS, BOM:544466) signed an agreement with Orient Cables (India) to form a 50:50 joint venture for manufacturing electric cables, according to a Thursday filing to the Indian stock exchanges.

The company's shares were up nearly 6% in recent trade.

The proposed joint venture company includes LAN and CCTV cables, terminated assemblies, electric cables, and connectors, and allied products.

Under the deal, the products manufactured by the joint venture will be supplied to Aditya Infotech and its affiliates, as well as to Orient for further sale to identified customers.

Following the investment by Aditya Infotech, the joint venture will become an associate of the company.

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