Magma Shrachi Finance Ltd has announced that the Company on August 10, 2007 has entered into an Agreement with M/s. International Tractors Ltd (ITL), manufacturer of Sonalika Brand of Tractors having its registered office at 283, Sonalika House, AGCR Enclave, Karkardooma, for the purpose of setting up a joint venture Company for the sole purpose of financing tractors manufactured by them under the Brand name Sonalika. The proposed Joint Venture is will have Paid up share capital of Rs 25 Crores. The Company will hold 74% of the share capital and ITL will hold 26%.
In this regards the Company has issued following press release:
Magma Shrachi Finance Ltd and International Tractors Ltd, manufacturers of Sonalika a leading tractor brand - on August 10, 2007 signed a memorandum of understanding (MoU) at a city hotel to form Magma ITL Finance Ltd a joint venture asset financing Company for financing the Sonalika range of tractors. The M0U was signed by Mr. Sanjay Chamria, Vice Chairman & MD of Magma Shrachi and Mr. L D Mittal, Chairman of International Tractors in the presence of the media and senior management teams of both Companies. Magma will hold 74% shareholding in the new Company while 26% will be held by International Tractors.
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