International Combustion (India) is one bright spark today morning. The stock price rose in the opening bell session to Rs.192.50, up over 4.5%, not very far from its 5% UC of the day at Rs.193.40. Volumes are pretty low at less than 50 shares being traded.
The company yesterday announced that it has ended its JV agreement with Allgaier Werke GmbH, Germany. This JV was formed on 23rd July’12 and the name of the JV was Mozer Process Technology.
It has now written down/off in its books, the entire investment of Rs. 50 lakh made by it in the JV company and also taken necessary measures for the complete cessation/ closing down of the operations of the JV Company. Accordingly, Mozer Process has ceased to be a JV company, with effect from 30% December, 2020.
The technology transfer will continue to be in force and the Dryers manufactured by the company under c know-how transfer and licence from Allgaier, shall, henceforth, be marketed and sold in India and the other South-Asian countries directly by the company.