Nibe Limited has recently entered into two significant agreements as part of its strategic expansion in the defense and aerospace sectors:
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- Letter of Intent (LOI) with HBE, South Korea: Nibe Limited has signed an LOI with HBE, a South Korean company, to establish a joint venture for forging facilities in India. This JV aims to produce defense and aerospace components, with a shareholding structure of 51:49 between Nibe and HBE. This LOI is currently non-binding and subject to due diligence, regulatory approvals, and definitive agreements.
- Term Sheet with Sig Sauer, USA: Nibe Limited has also executed a term sheet with Sig Sauer, a renowned firearms and weapons manufacturer in the USA, to form a joint venture in India. This collaboration focuses on manufacturing military, law enforcement, and defense products specifically for the Indian military, paramilitary, security, and police forces. The shareholding in this JV is also structured at 51:49, with Nibe holding the majority stake. Similar to the LOI, this term sheet is subject to due diligence, regulatory approvals, and legal permissions.
These agreements align with Nibe’s commitment to supporting India’s defense and aerospace sectors and advancing its Make in India initiative. The company will provide updates as these ventures progress and regulatory clearances are obtained.
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