Avalon signs JV with Germany's Zollner; board re-appoints CMD and directors
AVALON · price
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Avalon's board approved a Joint Venture with Zollner Elektronik AG, a leading European EMS company, to set up Zollner Avalon Private Limited in India for PCBA, box-build, system integration, testing and supply-chain services. Initially Zollner holds 51% and Avalon 49%; Avalon may later acquire 2% more via call option. The JV will start as Avalon's wholly owned subsidiary before Zollner subscribes to 51%. Board also appointed CG Balaji as Independent Director and re-appointed CMD Kunhamed Bicha (5 years from July 2027) and two Independent Directors for a second 5-year term, subject to shareholder approval.
Strategic partnership with a major European EMS player expands Avalon's manufacturing platform and global reach; positive for growth outlook, pending shareholder approvals.