Ljubljana stock exchange indices start week up
Zagreb bourse equity indices stagnate
Romanian stock indices start week mostly in the green, BVB shines
Bosnia's building permits up 28.7% y/y in Aug
Albanian gov’t officials convicted in incinerator corruption case
Jan 23, 2023 17:01 EEST
January 23 (SeeNews) - Indian conglomerate Adani Enterprises said that its step-down subsidiary Agneya Systems Limited has set up a joint venture with Bulgarian company Armaco with the purpose of manufacturing supplies and equipment for the Indian Armed Forces.
The entity, which was incorporated on Friday and is named Armada Defence Systems Limited, is owned at 56% by Agneya Systems with Armaco holding the remaining 44%, Adani Enterprises said in a filing to the National Stock Exchange of India over the weekend.
You can subscribe to our M&A newsletter here
The company, which is registered in the Indian state of Gujarat, has yet to begin business operations. The controlling shareholder acquired 5,600 equity shares of Armada Defence Systems at INR 10 each, implying an investment of INR 56,000 ($687/633 euro). Adani Enterprises is the flagship company of Indian family-owned energy, mining, infrastructure and port operations business Adani Group.
Armaco, which has been active for over two decades, manufactures weapons, ammunition and optical equipment. It is also specialised in arms trade, arms transfer and third-party brokerage of weapons and special equipment, its website shows.
(INR 100 = 1.13 euro)
You have run out of free articles this month.
Sign up in for
and get two (2) free articles more per month or sign up for
and get unlimited access.
Browse our free newsletter options