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Two Spanish Firms JOIN city Entrepreneurs to form Indic Electronics |
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Written by Tarachand Wanvari
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Tuesday, 22 May 2007 |
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Two Spanish Firms JOIN city Entrepreneurs to form Indic Electronics, commit US $ 10 million Joint
Venture to offer complete EMS offerings in India
The US$ 120 Million Electronica ITEL (Spain) and US$ 18
million DigiProces (Spain) have formed a joint venture with Indian entrepreneurs
Anil Gupta & Alok Garg to set-up an EMS [Electronic Manufacturing Services]
unit near Bangalore. The JV - INDIC ELECTRONICS is expected to begin Production
by August 2007. CIPSA-RIC India was formed by these entrepreneurs with CIPSA
(Spain), which has performed very well in the market within one year of its'
inception.
A tripartite agreement was signed by the Spanish companies
DigiProces and ITEL along with Anil Gupta & Alok Garg as a team, with equal
equity participation. INDIC targets a turnover of US$ 20 million in the first
full year of operations itself.
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Last Updated ( Thursday, 24 May 2007 )
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