Safari Industries (India) Limited announced that the Company has executed Licensing Agreement with Carlton Retail Private Limited for use of brand "CARLTON" under Class 18 for certain products including luggage in India. The term of the Agreement is 20 years which may be renewed further period of 20 years at the discretion of the Company. Total license fees payable to CRL under the Agreement shall be INR 4.5 million or 5% of total net sales, whichever is higher, upon completion of each license year.
Total interest-free refundable Security Deposit payable to CRL under the Agreement shall be INR 995.0 million to be paid in tranches over a period subject to conditions specified in the Agreement.
