Zhuzhou CRRC Times Electric Co., Ltd. Further Enters into the Supplemental JV Agreement with CRRC Nanjing Puzhen, CRRC Sifang and CRRC Qishuyan Institute
March 02, 2020 at 05:03 am EST
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The Board of Zhuzhou CRRC Times Electric Co., Ltd. (the Company) announce that, on 2 March 2020, the Company further entered into the Supplemental JV Agreement with CRRC Nanjing Puzhen, CRRC Sifang and CRRC Qishuyan Institute, pursuant to which the parties agreed, among other things, to make additional capital contributions to the JV Company in proportion to their respective equity interests in the JV Company. Pursuant to the JV Agreement, the parties agreed to jointly establish the JV Company in India. The JV Company was incorporated on 17 December 2019 under the laws of India. The term of operation of the JV Company shall be 99 years. The business cope of the JV Company is the manufacturing and repairing of rolling stock and related components and the provision of relevant technical consultancy services. The registered capital of the JV Company is INR 50.0 million. Each of the JV Shareholders, namely the Company, CRRC Nanjing Puzhen, CRRC Sifang and CRRC Qishuyan Institute, agreed to contribute to the registered capital of the JV Company in cash in the amount of INR 7.5 million, INR 35.0 million, INR 5.0 million and INR 2.5 million, respectively. The registered address of the JV Company was "Noida, Uttar Pradesh, India" as originally set out in the JV Agreement.
Zhuzhou CRRC Times Electric Co Ltd is a China-based company mainly engaged in the research and development (R&D), design, manufacturing and sales of rail transit equipment products. The Company is also engaged in R&D, design, manufacturing and sales of emerging equipment. The rail transit equipment business mainly includes rail transit electrical equipment, such as traction converter system, information and intelligent system products, power supply system and test equipment, and rail engineering machinery and communication signal system. The emerging equipment business includes power semiconductor devices, industrial converter products, electric drive systems of new energy vehicles, sensor devices and marine engineering equipment. The Company operates in the domestic market and overseas markets.
Zhuzhou CRRC Times Electric Co., Ltd. Further Enters into the Supplemental JV Agreement with CRRC Nanjing Puzhen, CRRC Sifang and CRRC Qishuyan Institute