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Nibe Ordnance and Maritime Limited has announced signing an MoU with Premier Explosives Limited to form a Joint Venture to develop, manufacture and supply ammunition, explosive, aerospace and other defence products.
In a communication to the Bombay Stock Exchange, the firm Nibe Ordnance and Maritime Limited informed that "Global Munition Limited, a subsidiary of the Company, has entered into a Memorandum of Understanding ("MoU") with Premier Explosive Limited to form a Joint Venture to develop, manufacture and supply the ammunition, explosive, aerospace and other defence products." "The Proposed Joint Venture will be in the form of a Public Limited Company in which Company (NOML) will hold 51 per cent and PEL will hold 49 per cent," it added The firm said that both the firms will enter into a joint venture agreement and shareholders agreements after negations and on incorporation of the Joint Venture Company. Commenting on the development, Nibe Industries Limited chairman Ganesh Nibe said, "Nibe's strategic association with Premier Explosives is a pivotal step towards transforming India's defence manufacturing capabilities. By investing in cutting-edge technology and scaling production, we aim to meet domestic and global demands, strengthening India's position as a self-reliant global leader." Premier Explosives Limited is a listed company working in the field of ammunition for a long time and has been supplying equipment to the Indian defence forces. (ANI)
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