The Joint Venture Agreement was entered to form a new Company namely MC Craftsman Machinery (MCCM) with an objective of selling Electric Discharge Machines and Laser Cutting Machines (Products) and providing appropriate services to the users of Products in India. The Company is presently holding 10% of paid up share capital of MCCM.

Further, the Board of Directors of the Company at their meeting held on Wednesday, the 14 July, 2021, has considered and approved the termination of the Joint Venture Agreement dated 22 October 2007.