Nibe Ordnance to tie up with Premier Explosives for ammunition production

Nibe Ordnance and Maritime Limited has announced signing an MoU with Premier Explosives Limited to form a Joint Venture to develop, manufacture and supply ammunition, explosive, aerospace and other defence products.

In a communication to the Bombay Stock Exchange, the firm Nibe Ordnance and Maritime Limited informed that "Global Munition Limited, a subsidiary of the Company, has entered into a Memorandum of Understanding ("MoU") with Premier Explosive Limited to form a Joint Venture to develop, manufacture and supply the ammunition, explosive, aerospace and other defence products."

The firm said that both the firms will enter into a joint venture agreement and shareholders agreements after negations and on incorporation of the Joint Venture Company.