Excel Industries Limited (‘the company') announced that the board of directors of the company at its meeting held on February 10, 2023, has approved the proposal to enter into a joint venture agreement with Reliable Infra. The joint venture agreement will be entered into between Excel Industries Limited and M/s. Reliable Infra. Excel Industries Limited and Reliable Infra (hereinafter jointly referred to as the ‘parties') have jointly received an award from Rajkot Municipal Corporation to Design, Build, Own, Operate & Maintain the Construction & Demolition (C&D) waste management system for treatment of Construction & Demolition Waste in Rajkot on Public Private Partnership basis for a period of 20 Years (‘Project').

The parties are required to incorporate a Special Purpose Vehicle (SPV) for execution of the Project. For incorporation of the SPV in the form of a Company and operation thereof, a joint venture agreement is to be entered between the parties. Excel Industries Limited has the exclusive right to nominate Directors on the Board of the SPV.

The SPV Company shall be incorporated with an initial equity share capital of INR 1,000,000 divided into 100,000 equity shares of INR 10 each.