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Mukand has terminated the joint venture with NV Bekaert SA of Belgium, but would maintain a working relationship with the company. Mukand continues to hold the original equity stake. However, owing to the joint venture company's requirement for additional capital for its expansion programme, etc, Bekaert has infused additional capital, Mukand said in a statement.
In light of the above, the joint venture, which was on equal partnership basis, has been terminated but the close working relationship between the promoter group of companies remain strong and Mukand continues to have one director on the board in the joint venture company Mukand Bekaert Wire Industries, which was formed in 2007 to manufacture of stainless steel wires for the domestic and international markets. Shares of Mukand were up three per cent at Rs 47 on Friday.
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