Premier Explosives Limited (PEL) has entered into a Joint Venture (JV) Agreement and Shareholders Agreement with Global Munition Limited (GML), a subsidiary of NIBE Ordnance and Maritime Limited, to establish a new entity focused on defence and aerospace manufacturing.
Key Details of the Joint Venture:
- Partner Entities: Premier Explosives Limited (PEL) & Global Munition Limited (GML).
- Purpose: Manufacture of defence and aerospace products.
- Equity Shareholding:
- GML: 51%
- PEL: 49%
- Board Composition:
- GML will appoint 3 directors.
- PEL will appoint 2 directors.
- Key Management Appointments:
- CEO, CFO, and other key personnel will be jointly nominated by both parties.
Strategic Significance
- Expands PEL’s presence in the defence sector, aligning with India’s Make in India initiative.
- Enhances collaboration with global defence firms for advanced manufacturing capabilities.
- Strengthens PEL’s portfolio in the aerospace and ordnance industry.
This agreement, executed on March 10, 2025, has been disclosed under Regulation 30 of SEBI (LODR) Regulations, 2015, ensuring compliance with stock exchange guidelines.
TOPICS:
Premier Explosives