TECO 2030 will initiate a fuel cell expansion in India and SAARC countries, backed with NOK43m ($4m) from Advait Infratech Limited.
Following a private placement of new shares in TECO 2030, the two companies will establish a joint venture (JV) in India, with Advait and TECO 2030 holding 51% and 49% of the outstanding shares, respectively.
The JV will hold the exclusive rights to develop, manufacture and commercialise TECO 2030 Fuel Cell Technology for India and South Asian Association for Regional Cooperation (SAARC) countries.
Under the collaboration between the two companies, they will the aim to create and maintain local development, production and commercialisation capabilities in the region.
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