Electronic manufacturing services company Avalon Technologies (NSE:AVALON, BOM:543896) agreed to acquire a 4% stake in Zepco Technologies, according to a Thursday filing to the Indian stock exchanges.
Zepco manufactures and sells motors for various industries including drones, electric vehicles and defense.
Avalon plans to invest in Zepco through the subscription of equity shares and compulsorily convertible preference shares at 306.55 rupees per security, inclusive of premium, with a face value of 10 rupees.
The investment is part of proposed wider business partnership between the two companies. They plan to use Zepco's technology and design expertise and Avalon's experience to explore new opportunities, develop manufacturing capabilities, and build customer relationships.
The transaction is expected to be completed in three to four weeks.
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