HBL Power

HBL Power to setup Joint Venture Company, along with two partners

Hyderabad-headquartered HBL Power Systems Ltd. has disclosed its plans to form a joint venture (JV) in Saudi Arabia with Advance Electronics Company and Abdullah H. Al. Shuwayer & Sons as local joint venture partners.

The proposed joint venture is for the setup of a unit to manufacture industrial batteries in the eastern province of KSA.

According to company officials, HBL Power Systems' share in the equity of JV will be about $2.9 million, which works out to 40% of total paid up equity capital of the JV.