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The Netherlands-based VarrocCorp Holdings BV , a wholly owned subsidiary of Varroc Engineering Ltd, has signed a joint venture agreement with ELBA SA, a privately held lighting and electronics company. Varroc and Elba will contribute equity for the joint venture in the ratio of 70 per cent and 30 per cent. The joint venture will focus on electronics manufacturing, and will significantly support Varroc Lighting's successful growth in Europe. The joint venture will be located in Timisoara, Romania. Shares of Varroc Engineering tumbled 2.2 per cent at ₹988.65 on the NSE.
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