Under this collaboration VECV will hold 51% of the share capital of the joint venture company (“JV Co”) and the remaining 49% will be held by iTriangle. “Upon closing of the Joint Venture Agreement, AMSPL (Aquila Mobility Solutions Private Limited) shall become a JV co with VECV and iTriangle,” the company said in its exchange filings.
As per the collaboration VECV will source telematics fleet management systems including the telematics devices from AMSPL for use in Eicher and Volvo branded trucks and buses for the Indian and exports market.
The collaboration will be completed after 2-3 months of signing the JV Agreement, with the capital involvement of INR 25,50,000 by VECV towards the 51% entity holding.
AMSPL was incorporated in 2023, and is going to undertake the business of providing location intelligence solutions, third party computer software packages, in the domain of Internet of Things (IoT), telematics, and geospatial solutions on web/mobile application platforms.
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