IKIO Lighting Limited (formerly known as IKIO Lighting Pvt. Ltd.), a leading name in innovative lighting solutions, has announced a joint venture agreement through its step-down subsidiary, Ritech Holdings Limited (UAE). This partnership, signed on January 7, 2025, aims to accelerate business growth and strengthen the company’s market presence in the UAE and beyond.
The joint venture includes Ritech Holdings Limited (UAE), AG Investment Holdings Limited (UAE), Jaspreet Singh Pal, and Royalux FZCO, a subsidiary of Ritech Holdings.
Key details of the joint venture:
- Purpose: The collaboration seeks to leverage AG Investment Holdings’ extensive network and industry expertise to expand the customer base for IKIO Lighting’s products.
- Shareholding:
- Ritech Holdings Limited will hold a 51% stake in Royalux FZCO.
- AG Investment Holdings Limited will hold a 40% stake.
- Jaspreet Singh Pal will own 9% (with 5% as sweat equity).
Significant terms of the agreement:
- The Royalux FZCO board will have four directors:
- Two appointed by Ritech Holdings Limited.
- Two appointed by AG Investment Holdings Limited.
- The chairperson, with a casting vote, will be from Ritech Holdings Limited.
- No additional issuance of shares or changes to the capital structure will occur without mutual consent and affirmative votes from Ritech Holdings and AG Investment Holdings.
Relationship with promoters:
- Ritech Holdings Limited is a wholly-owned subsidiary of IKIO Solutions Private Limited and forms part of the IKIO Lighting promoter group.
- AG Investment Holdings Limited and Jaspreet Singh Pal are not related to the promoter group.
Financial details:
The shares for this joint venture will be issued at AED 1,000 (approximately ₹22,500) per share, in compliance with the laws of Jebel Ali Free Zone, Dubai.
This partnership highlights IKIO Lighting’s commitment to expanding its global footprint and strengthening its leadership in the lighting industry.
