The Board in its meeting held today at 4 P.M., informed that the Company has proposed to do a Joint Venture to manufacture footwear & footwear components, with Modernzege Leather Products PLC, an Ethopian Company situated at Addis Ababa Ethiopia is engaged in manufacturing, sale and distribution of Leather products in Ethiopia and outside Ethiopia.
Further, the Company proposed to form a Private Company for the purpose of manufacturing, marketing, distributing and exporting footwear and related products. The expected initial investment will be of approx. USD 160,000.00 or approx 10 Million.
The Board has authorised Mr. Jay Singh Bardia, Managing Director of the company to execute or represent the Company in all matters in connection with or relating to or arising out of the Agreement.
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