PG Electroplast and Jaina Group Sign MoU to Form a Joint Venture to Manufacture LED Televisions

PG Electroplast Limited has signed a Memorandum of Understanding ("MoU") with Jaina Group to form a Joint Venture (JV). The JV Company will initially undertake ODM manufacturing of Google-certified LED Televisions with an option later to expand the partnership to include products like Refrigerators, IT Hardware, Wearables, and Hearables. Post the execution of mutually acceptable agreements by the parties, the JV Company will be 50% owned by PG Electroplast & 50% owned by Jaina Group.

Jaina Group is a leading end-to-end business solutions provider with interests in telecom, consumer durables, and electronics. The conglomerate currently owns and operates four brands - Karbonn, Gionee, Sansui, and Sens. It is also one of India's only three Google ODM licensees.

Commenting on the occasion, Mr. Pardeep Jain, Founder and Managing Director, Jaina Group said, "We are pleased to enter into a JV with PG Group and believe this partnership will strengthen India's electronics manufacturing industry & contribute towards the goal of an Atmanirbhar Bharat. With PGEL's manufacturing pedigree & our deep experience in consumer electronics, this venture is well positioned to be a leading player in its space."

Mr. Vikas Gupta, Managing Director (Operations), PG Electroplast said, "PGEL is delighted to deepen its relationship with Jaina Group. Jaina is a well-established and trusted name in the industry and the new JV will help strengthen our position and increase our addressable market by providing a great alternative for brands looking for manufacturing partners."

Shares of PG Electroplast Limited was last trading in BSE at Rs. 1596.75 as compared to the previous close of Rs. 1557.95. The total number of shares traded during the day was 6835 in over 1488 trades.

The stock hit an intraday high of Rs. 1625.00 and intraday low of 1556.60. The net turnover during the day was Rs. 10907763.00.

Source : Equity Bulls

Keywords

PGElectroplast INE457L01011 MoU Jainagroup JointVenture