Premier Explosives (NSE:PREMEXPLN, BOM:526247) has entered into a joint venture agreement with Global Munition, a subsidiary of NIBE Ordnance and Maritime, according to a Monday filing to the Indian stock exchanges.
The joint venture will manufacture defense and aerospace products.
Under the pact, Global Munition will own a 51% stake in the joint venture and Premier Explosives will take the 49% stake.
Shares of the company were down nearly 3% in recent trade.
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