Genus Overseas to form JV with Mobix to set up a manufacturing unit in Brazil

Genus Overseas Electronics Ltd has announced that the Company has decided to enter into a Joint Venture (JV) with Mobix, a Brazilian company who are one of the leaders in Communication Technology.

The transaction involves total investment of US$ 15 million. 9 million would be raised through loan from development bank in Brazil @ 0% interest and the rest will be raised through equity from both the companies. Electronic meters are being manufactured using state of art AMR technology. The Company's products have found wide acceptance in Latin America. The Company is already doing pilot projects in Brazil since last two years and have got all necessary approvals from there.

Source : Equity Bulls

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