Aditya Birla Nuvo to buy out Japanese collaborator's stake in Birla NGK Insulators
By Our Corporate Bureau | 20 Nov 2006
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The Aditya Birla Group company recently entered into a share purchase agreement with NGK and its affiliate Mitsubishi Corporation to acquire their entire equity stake in Birla NGK in two stages.
On completion of the transaction, Birla NGK will cease to be a joint venture company and become a subsidiary.
The existing marketing agreement, agreement for knowhow, patents and technical assistance between the joint venture partners will also be terminated on completion of the deal, due to be completed by December 2006.
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