Steel building product manufacturer JV Global Ltd's wholly owned subsidiary JV Global (Australia) Pty Ltd is one step closer to acquiring 40 per cent of Shapoorji Pallonji Group's Sharus Steel Products Pvt Ltd.
The company today announced the signing of a memorandum of understanding between the two parties.
Sharus Steel will produce a wide and varied range of steel building products with the initial facility in Mumbai producing steel door and window frames, which will be utilised by Shapoorji Pallonji in its own projects.
The joint venture agreement is to be signed by 28 February 2006, with production commencing in August 2006.
Shapoorji Pallonji is regarded as one of the premier companies in India with interests in construction, IT, healthcare, pharmaceuticals, water-treatment, power, manufacturing, infrastructure and transport.
Last June, JV Global acquired the equipment, inventories and technology associated with the manufacture of Besta Interlocking Bricks.
