PG Electroplast Limited and Jaina Group sign MoU to form a Joint Venture to Manufacture LED Televisions. A Joint Venture Agreement to be entered between: (a) PG Electroplast Limited (PGEL) (b) Jaina Group. Purpose of entering into the agreement; The Joint Venture (JV) Company will initially undertake ODM manufacturing of Google-certified LED Televisions with an option later to expand the partnership to include products like Refrigerators, IT Hardware, Wearables, and Hearables.

The JV's purpose is to leverage both Parties' expertise and resources to create a strong and competitive business that can meet the growing demand for high-quality televisions and refrigerators. Shareholding, if any, in the entity with whom the agreement is executed; PGEL will subscribe to the share capital of the JV Company at relevant point of time. Significant terms of the agreement (in brief) special rights like right to appoint directors, first right to share subscription in case of issuance of shares, right to restrict any change in capital structure etc.; PGEL and Jaina Group shall each appoint 3 directors to the Board, who shall be responsible for the management and direction of the JV Company.

The equity shareholding of the JV Company will be 50%-50% between PGEL and Jaina Group. PGEL and Jaina Group will contribute equal capital to the JV by purchasing shares at an equal price per share. Any subsequent capital contributions shall also be made on an equal basis unless otherwise agreed by a majority vote of the shareholders.