On July 02, 2024, Man Infraconstruction Ltd (MICL) informed in a stock exchange filing that MICL TIGERTAIL LLC has been incorporated as a joint venture entity in Miami, Florida, USA. This JV entity is a collaboration between MICL Global, INC, a wholly-owned subsidiary of Man Infraconstruction Ltd.
This joint venture does not fall under related party transactions, as the promoters and promoter group have no interest in MICL TIGERTAIL LLC, except for Mr Vatsal Shah from the promoter group, who has been appointed as the entity’s manager. The transaction has been conducted at arm’s length. MICL TIGERTAIL LLC operates in the real estate development industry.
The purpose of this acquisition is to engage in real estate development and other lawful business activities which align with MICL’s main line of business.
The nature of the consideration for MICL TIGERTAIL LLC is cash. MICL Global, INC is expected to contribute approximately USD 2 million in capital to this newly formed entity. MICL Global, INC, a wholly-owned subsidiary of Man Infraconstruction Ltd (MICL), will hold a 50% share in MICL TIGERTAIL LLC.
MICL TIGERTAIL LLC is a joint venture entity of MICL Global, INC, incorporated in Miami, Florida, USA, in June 2024. The company is established to engage in real estate development and other lawful business activities. Since it is a new entity, it has no turnover history for the past 3 years and has yet to commence business operations.
Man Infraconstruction Ltd (MICL) started on August 16, 2002, as a private company named Man Construction Pvt Ltd. It became a public company and changed its name to Man Construction Ltd on July 15, 2004. Based in Mumbai, MICL works on projects in Maharashtra, Kerala, Gujarat, West Bengal, Goa, and Tamil Nadu. The company operates in two main areas: Construction and Real Estate Development. MICL is an integrated Engineering, Procurement, and Construction (EPC) company with more than 50 years of experience.
On July 02, 2024, Man Infraconstruction Ltd’s share price opened at ₹196.80, touching the day’s high at ₹199.65 as of 12:24 PM on NSE.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Jul 2, 2024, 5:44 PM IST
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