Grindwell Norton forms JV in Bhutan

Grindwell Norton Ltd has announced that the Company has formed a Joint Venture Company (JV) in Bhutan in partnership with the Singye Group of Bhutan. The Company will hold 70% of the equity capital of the JV and the Singye Group will hold 30%. The JV, which has been incorporated and is named Saint-Gobain Ceramic Materials Bhutan Pvt Ltd, will implement a project for the manufacture of Silicon Carbide. The project cost is estimated to be about Rs 340 million. The Royal Government of Bhutan has approved the FDI proposal.

The stock closed the day at Rs.148.70, down by Rs.0.05 or 0.03%. The stock hit an intraday high of Rs.154.40 and low of Rs.147.75. The total traded quantity was 43202 compared to 2 week average of 49390.

Source : Equity Bulls

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