Corporate News 29-Sep-23
Board of 3M India approves amendments to IP agreement with 3M Company USA and 3M IPC
At meeting held on 29 September 2023
The Board of 3M India at its meeting held on 29 September 2023 has approved amendments to the Intellectual Property Agreement with 3M Company USA and 3M Innovative Properties Company (3M IPC), for the provision of technology, intellectual property, products and services to 3M India. With the said amendments, effective retrospectively from 01 April 2023, the royalty payable will now reduce from 2.4% of total turnover to 1.95% of turnover (royalty was 1.54% of turnover in FY 22-23 under the previous rates).
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