Team News Riveting
New Delhi, January 21
Agneya Systems Limited (ASL), a step-down subsidiary of the Adani Enterprises Limited (AEL) and Armaco JSC of Bulgaria have formed joint venture for manufacturing products for armed forces in India.
“We would like to inform that Agneya Systems Limited (ASL), a step-down subsidiary of the Company and Armaco JSC (Bulgaria) have incorporated a Joint Venture Company namely ‘Armada Defence Systems Limited’ on 20th January, 2023 in the ratio 56:44 respectively,” AEL said in a regulatory filing.
Armada Defence Systems Limited is incorporated with the object of manufacturing various types of product and part for Indian Armed Forces need as part of Atmanirbhar Bharat vision. The Joint Venture company is incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on 20th January, 2023 and is yet commence its business operations, the company said.
