Him Teknoforge Ltd (BOM:505712) signed a deal with Italy-based Borghi Assali and a certain Piercelestino Pecorari to set up a joint venture company in India focused on the marketing and commercialization of hydraulic and electric steering axles and drive wheels across India and Southeast Asia, according to a Wednesday filing.
Under the agreement, executed on June 24, Borghi Assali will hold a 50% stake, Him Teknoforge 40%, and Pecorari 10%.
Him Teknoforge has approved an initial investment of up to 720,000 Indian rupees in the JV.
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