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PCBL Ltd to form JV with Kinaltek Pty Ltd

Posted On: 2023-11-30 12:03:49 (Time Zone: IST)

The Board of Directors of PCBL Limited ("Company"), has at the Meeting held on 29 November 2023, in-principle approved the term sheet for entering into a joint venture with Kinaltek Pty limited ("Kinaltek"). The Company shall own 51% of the shareholding in the joint venture company ("JV Company"), and shall be infusing a consideration of USD 16,000,000 in the JV Company and a commitment to infuse funds up to USD 28,000,000 in stages in the JV Company, for setting up a manufacturing facility ("Proposed Transaction") and in furtherance of such approval, the Company has executed a term sheet dated 29 November 2023 ("Term Sheet") with Kinaltek, for undertaking the Proposed Transaction, subject to (a) the Company and Kinaltek entering into definitive agreements, (b) the Company having completed its financial, legal, tax due diligence, (c) receipt of regulatory, relevant third-party and board or shareholder approvals, as applicable, of the Company required for consummating the Proposed Transaction, as per the terms and conditions specified in the Term Sheet and the definitive agreements.

The Proposed Transaction shall be financed through a mix of internal accruals and external fund raise by the Company and/or its affiliates / associates. This Term Sheet is a major step towards creating a value-added portfolio of products which have a profitable growth trajectory and marks the Company's entry into products for battery applications, which is a high growth and highly profitable segment.

This joint venture is being done to expand into the growing battery application market (eg. electronic vehicles, etc) where there is immense potential of profitable growth. The Company is in the process of creating a value-added product portfolio which can command high margins and this is a major step towards the same.

The JV Company will be a joint venture formed between the Company and Kinaltek where the Company will own a 51% stake and Kinaltek will own a 49% stake. The JV Company shall own the intellectual properties of nano-silicon based products for battery applications and will set up manufacturing facilities for such products.

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