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Enkei Wheels (India) Limited entered into a joint venture agreement with Nikkei MC Aluminium Co. Ltd, Century Metal Recycling Limited, and Enkei Corporation to form a company for manufacturing and recycling aluminium alloys. The JV will have an authorized capital of INR 450 million.
The board of Alicon Castalloy approved issuing 860,000 equity shares to Enkei Corporation at Rs 478 per share on a preferential basis, increasing Enkei's stake from 8.98% to 14.94%.