The company said that its board today (September 29) 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 1 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).

3M India is a diversified company engaged in manufacturing of, and trading in, a wide variety of products catering to the industrial, transportation, automotive, construction, engineering, healthcare, traffic and safety, household, and office segments. Its operations are broadly classified under five business segments: safety & industrial, transportation & electronics, health care, consumer and others.

The company's consolidated net profit rose 53.35% to Rs 129.21 crore on a 11.24% increase in sales to Rs 1,049.66 crore in in the quarter ended June 2023 as compared with the previous quarter ended June 2022.