- Nanoveu (NVU) signs a memorandum of understanding (MoU) with Alan Scott Industries to establish a new joint venture (JV) company called Alan Scott Nanoveu India
- The new JV will have paid capital of US$200,000 (A$290,214) and will be 35 per cent owned by Nanoveu, representing a US$70,000 investment
- It will focus on selling Antiviral Nanoshield products into the world’s second most populous country of over 1.4 billion people
- The MoU will terminate on December 31 unless agreed otherwise by the parties
- Shares in Nanoveu are in the grey, trading at 1.5 cents as of 3:51 pm AEST
Nanoveu (NVU) has signed a memorandum of understanding (MoU) with Alan Scott Industries to establish a new joint venture (JV) company called Alan Scott Nanoveu India.
The new JV will have paid capital of US$200,000 (A$290,214) and will be 35 per cent owned by Nanoveu, representing a US$70,000 investment.
It will focus on selling Antiviral Nanoshield products into the world’s second most populous country of over 1.4 billion people.
The MoU will terminate on December 31 unless agreed otherwise by the parties.
Commenting on the agreement, Nanoveu Managing Director and CEO Alfred Chong said it is aligned with the company’s strategy and commitment to developing a broad range of self-disinfecting proprietary products that help meet the demands of customers.
“Importantly, this expansion into the world’s second most populous country adds scale and the numbers that will provide the impetus of growth for both our companies.”
Commercial terms will be negotiated and finalised during the period the MoU is in place following which a definitive agreement is expected to be signed.
Alan Scott Chairman Suresh Jain reiterated Mr Chong’s sentiments and believes the companies will deliver value to their respective shareholders.
“By combining our ability to generate sales with such innovative products, we look forward to a fruitful partnership and turning these solutions into effective antiviral products that can contribute to India’s fight against the COVID-19 pandemic.”
Shares in Nanoveu were in the grey, trading at 1.5 cents as of 3:51 pm AEST.