New Delhi, Jan 20 (PTI) Tata group retail firm Trent Ltd on Friday said it has entered into a joint venture agreement with Singapore-based MAS Amity Pte Ltd for design, development and manufacture of intimate apparel and apparel related products in India.

In a regulatory filing, Trent said it will hold 50 per cent of the paid-up equity share capital of the proposed joint venture company with MAS Amity holding the rest.

Also Read | On Which Channel Republic Day 2023 Parade Will be Telecast Live? How To Watch R-Day Parade Live Streaming Online? Check Viewing Options of Republic Day Celebrations at Kartavya Path on January 26.

"The parties have become equal shareholders of the joint venture company for undertaking the business of design, development and manufacture of apparel and apparel related products, including but not limited to intimate wear..," it said, adding the partners would use their respective skills, expertise and resources.

Trent and MAS Amity both have the right to nominate two directors each on the board of the joint venture company. They will also have equal right of share subscription and over reserved matter besides equal voting rights in proportion to shareholding interest.

Also Read | Air India Pee-Gate: DGCA Slaps Rs 30 Lakh Fine on Airline, Suspends Pilot License for Three Months in New York-Delhi Flight Urination Incident.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)