Centum Electronics Ltd has informed that pursuant to the shareholders approval received through postal ballot for the transfer of the Frequency Control Products (FCP) Business to a new wholly owned subsidiary, the Company has signed definitive documents to transfer the FCP Business to a wholly owned subsidiary, Centum Frequency Products Pvt Ltd.
Further, the Company, on February 13, 2008, has signed definitive joint venture agreements with Rakon Ltd, New Zealand to manage the subsidiary, Centum Frequency Products Pvt Ltd to design and to manufacture Frequency Control Products (FCP) alongside the Companys existing product lines in Bangalore.
Rakon is a world leader in the development of frequency control solutions for a wide range of applications. Rakon has leading market positions in the supply of crystal oscillators to the GPS, telecommunications network timing / synchronization and aerospace markets.
The joint venture will combine Centums existing design and manufacturing capability for frequency control products with Rakons OCXO design and manufacturing expertise developed and currently undertaken in France.
In this regard the Company has issued the following Press Release:
Centum Frequency Products Pvt Ltd., a wholly owned subsidiary of the Company has entered into a Joint Venture (JV) with New Zealand based multinational Company; Rakon Ltd to design and manufacture Frequency Control Products (FCP) alongside its existing product lines in Bangalore.
Centum Electronics will hold 51% of the JV and Rakon will hold the remaining 49%. The Company will be named Centum Rakon Pvt Ltd.
Further, the Company, on February 13, 2008, has signed definitive joint venture agreements with Rakon Ltd, New Zealand to manage the subsidiary, Centum Frequency Products Pvt Ltd to design and to manufacture Frequency Control Products (FCP) alongside the Companys existing product lines in Bangalore.
Rakon is a world leader in the development of frequency control solutions for a wide range of applications. Rakon has leading market positions in the supply of crystal oscillators to the GPS, telecommunications network timing / synchronization and aerospace markets.
The joint venture will combine Centums existing design and manufacturing capability for frequency control products with Rakons OCXO design and manufacturing expertise developed and currently undertaken in France.
In this regard the Company has issued the following Press Release:
Centum Frequency Products Pvt Ltd., a wholly owned subsidiary of the Company has entered into a Joint Venture (JV) with New Zealand based multinational Company; Rakon Ltd to design and manufacture Frequency Control Products (FCP) alongside its existing product lines in Bangalore.
Centum Electronics will hold 51% of the JV and Rakon will hold the remaining 49%. The Company will be named Centum Rakon Pvt Ltd.
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